GMO Internet Group, Inc.
Q3 Financial Results Briefing for the Fiscal Year Ending December 2022
November 14, 2022

Event Summary[Company Name]

GMO Internet Group, Inc.

[Company ID]

9449-QCODE[Event Language]

JPN[Event Type]Earnings Announcement[Event Name]

Q3 Financial Results Briefing for the Fiscal Year Ending December 2022

[Fiscal Period]

FY2022 Q3[Date]

November 14, 2022

[Number of Pages]

41[Time]

15:30 – 16:03(Total: 33 minutes, Presentation: 33 minutes)[Venue]Webcast[Venue Size][Participants][Number of Speakers]

2
Masashi Yasuda
Noriko Inagaki

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Director, Executive Vice President and Group
CFO, Deputy to Group CEOGroup Executive Officer, General Manager ofGroup Financial Department

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Presentation
Moderator: Hello, everyone. Thank you very much for participating in GMO Internet Group, Inc.’s Q3 financial
results presentation today.
I will introduce you to the attendees of today's presentation. Group Vice President and CFO, Masashi Yasuda;
and Group Executive Officer and General Manager of Group Financial Department, Noriko Inagaki, will bepresent at this quarterly presentation.
Today, I will provide an overview of the financial results, followed by a question-and-answer session.

Before the presentation, I will explain the changes to the recording rules.
The accounting standard for revenue recognition has been applied from the current fiscal year, resulting in achange in rules for recording net sales.
In this material, figures before the rule change are shown as the old standard, whereas those after the
implementation as the new standard. Our approach to net sales and operating income is described here.

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Now, to accurately convey the situation of the business on a YoY comparison basis, we will use the oldstandard as the same yardstick and compare the affected segments, namely consolidated, infrastructure, andonline advertising & media.
A comparison of the old and new standards can be found in the appendix. In addition, comparative
calculations are made in old and new standards for segments that were minimally affected.
Our CFO, Yasuda, will now explain the situation.
Yasuda: My name is Yasuda, and I’m the CFO of GMO Internet Group. Thank you for participating in thepresentation of our financial results for Q3 of the fiscal year ending December 31, 2022. I am happy to meetyou all.
Since our fiscal year ends in December, I will explain our financial results for the period from July to September.
Today's agenda is as shown.

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First, here is the summary of the financial results.
The figures based on the old standard, highlighted in blue in the center, indicate sales of JPY65.2 billion,
operating income of JPY6.8 billion, and ordinary income of JPY8.7 billion. As for final profit, there was a net
loss of JPY1.8 billion due to an extraordinary loss on GMO Aozora Net Bank shares.

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4Now, I will describe the analysis of changes in sales profit for each segment.
Sales are shown on the left, and operating income is on the right. The effects of the change in standards arealso included.
First, sales were JPY65.2 billion, an increase of JPY8.8 billion under the old standard, with positive performancein infrastructure, finance, and online advertising & media, while we experienced a reactionary decline in
cryptoassets. From here, there was a negative effect due to the change in standards, resulting in JPY57.5
billion under the new standard.
Next, with regard to operating income, infrastructure, along with online advertising & media, saw profit
growth with an increased revenue. On the other hand, the finance sector remained on par due to decreased
profitability in the FX business. In addition, there was a reactionary decline in cryptoassets, resulting in JPY6.8
billion, a JPY1.1 billion decrease under the old standard. It remained almost at the same level under the newstandard.

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I will now provide a summary of each segment.
The far right shows the qualitative evaluation according to management. Our assessment of each business isgenerally unchanged from Q2.
First, infrastructure received a double circle. Its performance continues to grow, thanks to its strength in its
overwhelming number one service aggregation and rock-solid stock revenue business model. Sales have once
again returned to high double-digit growth, due in part to the growth of the security business and the recoveryof the access business, and both sales and income increased as a result of handling the burden of goodwill
amortization and strategic investments.
The following, online advertising & media, received a double circle. The V-shaped recovery trend continues.
In addition to the strong performance of our own media, online advertising also performed well as economic
activities resumed, increasing both sales and profits. For sales, in particular, the January to March period isusually the busiest season. Since then, sales have reached new quarterly highs for two consecutive quarters.
Also, finance received a circle. FX continues to experience difficult conditions. Although transaction volume
reached a new record high following Q2, the US dollar to yen exchange rate changed with the yen’s
depreciation, making profitability an issue, hence the X mark. On the other hand, CFDs performed well due tothe brisk activities of commodities and stock indices, resulting in a circle. Both sales and profits increased, due
in part to Gaika ex byGMO joining our group.
As for cryptoassets, this received a triangle. Sales and profits declined, with a complete turnaround from theprevious year when the business was brisk. The number of accounts and shares of transactions in theexchange business by GMO Coin has remained steady. On the other hand, the market environment wasdifficult and transaction volume remained sluggish in the whole industry.
The mining business also continued to experience a decline in operating rates. Although conditions remainchallenging, we haven’t changed our view that the cryptoasset market still has an area of potential. We willdefinitely build a system so that we can achieve profit when the time is right.

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These figures indicate the cumulative total from January through September.
The performance in the incubation business for Q2 also contributed to the Company's highest performancefrom sales to final profit.

Next, I will discuss shareholder returns.
The basic policy indicates a total return ratio of 50%. Of this amount, at least 33% is to be allocated for
dividends and the remaining 17% for share repurchases.
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Since we have adopted a quarterly dividend system, the amount of dividends paid quarterly will be offered if
the Company is in the red. But we have established a rule where we pay a dividend of at least 33% of the fullyear profits and repurchase at least 17% of the Company's shares.
If we are unable to fully repurchase our shares in a given fiscal year, we have a policy to carry over the
repurchase into the following fiscal year.

And this shows the trend of dividends per share.
Since we will not disclose earnings forecasts for the current fiscal year as well, dividends will also beannounced quarterly.
We regret to inform you that we will not be paying a dividend for Q3 of the current fiscal year due to the net
loss for that quarter. Since the cumulative total for the period from January to September exceeded that ofthe previous year, we will continue our efforts in Q4 to increase the dividend for the full year.

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Before I go into the details of our quarterly results, I would like to reiterate our group's strengths.
There are two major ones.

The first of our strengths is our commitment to in-house development and operation.

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We believe that to survive in the fast-changing internet market, we must offer the best services by becoming
a creative company that creates and operates its own products and services. Therefore, engineers andcreators, or creators with technical skills are important to us.
We refer to our employees and staff as partners. And at the end of September, we had 7213 partners. Amongthese, the percentage of creators is 49.9%.
It was in 2011 when our group representative, Kumagai, first set a goal of achieving 50% of creators in the
Company. When we first presented this ratio to investors in February 2014, the figures at that time were
37.1%. It has been 10 years, and we are now very close to reaching our goal of 50%.
We will continue to grow as a creative company.

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10Now, I will explain our second strength.
It is the revenue model called the rock-solid stock revenue, which was discussed in the last presentation.

Here are the consolidated sales trends.
As you can see, we have achieved sustainable growth since our establishment. At the end of the previous year,
sales had increased for 13 consecutive fiscal years.

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11Why have we managed to achieve sustainable growth?
We believe this is because we have accumulated rock-solid stock revenues since our establishment. Rocksolid stock revenue is a GMO term. So, how is it different from a simple stock-based revenue model or asubscription, which has been a trending term?
It’s the stock revenue gained from products that will not disappear and will remain a necessity as long as theinternet exists while recurring billing. It is also the business structure that Kumagai has been striving for since
our company’s establishment.
Many investors may consider GMO an infrastructure-building company. And I believe so. So, why are we, the
GMO Internet Group, in the infrastructure business?
There was initially a question as to what products will not disappear and will remain a necessity while recurringbilling. And the answer to that question is that several infrastructure products and their revenue originate
from rock-solid stock revenue.

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12Here is a breakdown of sales for rock-solid stock revenue and others.
The red line graph represents rock-solid stock revenues in terms of percentage of sales.
Rock-solid stock revenues include both recurring billable revenues in the infrastructure business andtransactional revenues with a rock-solid revenue base similar to recurring billing.
As you can see, rock-solid stock revenues are what support our sustained growth.

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13And here is the rock-solid stock revenue broken down into unit price and number of subscriptions.
Both the unit price and the number of subscriptions are on an upward trend, and the current rock-solid stock
revenue of JPY117.4 billion is generated from the number of contracts of approximately 12 million multipliedby an annual unit price of approximately JPY10,000.
The number of contracts is still generating 10,000 new applications every day. As there are some cancellations,the net increase base will be much smaller. But we expect that it will continue growing, as the volume of
information and transactions on the internet expands.

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14Here is the status showing the number of infrastructure contracts.
It can be rephrased to a rock-solid revenue base that supports rock-solid stock earnings. And at the end of
September, the total number of subscriptions was 12.93 million.
The number of subscriptions has increased by approximately 1 million per year, if you can see the figures forthe past fiscal years. By multiplying this with the unit price of JPY10,000 mentioned earlier, it will calculate toan accumulated sales of JPY10 billion per year.

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Now, at the end of my presentation, I would also like to share some responses through social media regarding
the previous disclosure of rock-solid stock earnings.
As you can see here, everything is self-explanatory here.
The next part, or the Group overview, will be presented by Inagaki, the Group Executive Officer and General
Manager of Group Financial Department.
Inagaki: My name is Inagaki, Group Executive Officer and General Manager of Group Financial Department of
GMO Internet Group. It’s a pleasure to meet you all.

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The diagram below provides an overall view of our business areas.
The size of each area indicates the sales composition.
The number of infrastructure contracts as the rock-solid revenue base, along with FX, securities, andcryptoassets accounts altogether total a customer base of 15.38 million.

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17This is the market capitalization of the 10 listed companies in the Group and our equity equivalent.
The total group market capitalization is approximately JPY1.4 trillion, and our equity equivalent is nearing
JPY500 billion.

This shows the quarterly net sales trend by segment.
As Yasuda mentioned earlier, we continue to see a growth trend centered on infrastructure, as shown in dark
blue at the bottom.
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18This shows the quarterly operating income trend by segment.
In the short term, our view of sustainable growth based on rock-solid stock revenues for infrastructure has
not changed at all, despite the reactionary decline in cryptoassets and other factors.

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Now, I will explain the infrastructure business.
Here is the business description for the infrastructure business.
It is an aggregation of number one services: domain, cloud hosting, e-commerce platform, SSL server
certification, digital seal, cyber security, payment, and access.
All of these services are a necessity and will not disappear from the internet society.

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20Here is the quarterly net sales trend and its breakdown based on the old standard.
The overall segment revenue growth rate is 16% and is accelerating again.
The payment business hasn’t changed and remains strong, indicated in light blue. The business environmentis favorable, with the cashless ratio and e-commerce ratio still growing.
The security business is contributing with its number one growth rate, indicated in green. The effects of thechange in the SSL security expiration date have made a turnaround, and we are back to high growth again.
GMO Cyber Security by Ierae, which joined the Group in the previous quarter, also saw an increase in revenue
due to rising utilization rates.
Access, which accounts for the largest share of sales, shown at the bottom in gray, also turned positive YoY.
There are two factors for this. Landlines are steadily building up as telework and remote classes haveestablished themselves as trends. And although mobile lines have performed poorly due to the rise of lowpriced plans by major carriers, a revision of products has begun to show its effects.
We hope you look forward to our performance as we continue to accumulate revenues with our strength inrock-solid stock revenues.

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21Here is the trend in the quarterly operating income.
Each business has entered the profit expansion phase, as businesses under investment development arebecoming profitable. Double-digit profit growth was achieved as a result of handling the burden of goodwill
amortization with the start of the consolidation of Ierae and strategic investment in GMO Sign.
This Q3 is also the main accounting period for GMO Payment Gateway. Due to the recording of performancelinked bonuses, income decreased compared to Q2. Looking at the cumulative total, profits have been strong,
and we plan to make certain investments in Q4.

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I am pleased to report that we have made progress in the cryptographic security and GMO Sign businesses,
which are being developed as strategic businesses by the entire group.
We have been number one in the number of subscribers, and now, we are also number one in terms of thenumber of transmissions.

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First, I will explain the status concerning the number of subscribers.
Since the group-wide Sayonara Inkan campaign efforts were initiated in June 2020 during the COVID-19
pandemic, the customer base has continued to expand due to the so-called network effect and the synergistic
effects of the Group. By the end of September, the customer base had grown 2.7 times YoY to 910,000.
As you can see, the introduction to major companies is progressing steadily.

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Next is the number of transmissions.
We view the number of transmissions as the most important KPI that indicates the intensity of customer
activities.
As you can see, we are also number one in Japan, and if you combine that with the number of subscribers, weachieved number one for both.

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As for GMO Sign, we are also strengthening our efforts in digital government. Fukuoka City has decided to
introduce the system in November. We will actively promote the introduction to municipalities and continue
to grow further.

And last, the overall circulation amount of the e-commerce support business.
It consists of e-commerce platforms deployed through Color Me Shop! and MakeShop and services, such asminne, SUZURI, and Freenance.

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In the merchandise e-commerce sector, although the industry as a whole saw a reactionary decline in
consumption while staying home, our group's business remained strong, especially in the high-priced
MakeShop segment.
Approximately 40% of the circulation amount is accounted for the use of GMO Payment Gateway’s payment
service. Most of the amounts circulated via credit card, and other payment processing services are throughour group's services, and we believe that this value indicates the strong synergy between the e-commerce
platform and the payment processing business.

I will explain the advertising media business.
The following shows the trend and breakdown of quarterly net sales based on the old standard.
The January-March period is usually the busiest season, and this quarter also marked a quarterly high. With
the resumption of economic activities, advertising agencies remained strong and affiliate business continued
to trend favorably.
For media, the number of page views of our media remained strong.

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27Here are the quarterly operating income figures.
As you can see, the recovery trend continues after bottoming out the year before last year. The trend of
expanding our high-margin products, such as our media and research platforms, continues.
As each of the listed group companies has revised its performance upward, the results have been favorable,
exceeding the initial plan. In Q4, each company will invest in strengthening its products and media.

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I will now explain the financial business.
Quarterly performance trends are as shown.
Although sales grew due to the consolidation effects of Gaika ex byGMO and strong performance of CFDs,
operating profit increased only slightly due to a decline in the FX profit margin.

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29Here are the net sales trends by product.
While trading volume increased for FX, which is indicated in dark blue, the profit margin declined and showedsluggishness on a YoY basis due to higher costs associated with cover transactions.
On the other hand, CFDs continued to perform well in H1, reflecting the brisk commodity markets and stock
indices.

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30This is the domestic market share of FX trading volume.
Trading volume was brisk due to increased market volatility and reached a new record high.
On the other hand, the share of transactions has decreased. From a risk management perspective, we haveset a maximum trading limit per customer, and many customers in this booming market have reached thislimit.
While market share is of course important, we will continue to monitor trends in the foreign exchange market
while aiming to improve internal initiatives and profitability.

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Next, I will discuss GMO Aozora Net Bank.
First, let me explain the record for extraordinary loss.
GMO Aozora Net Bank has been developing its business with the aim of returning to profitability for the full
fiscal year ending March 31, 2023. However, due to deviations from the business plan, GMO Aozora Net Bank
has decided to increase capital and revise its business plan during the fiscal year.
Although the Group's share of GMO Aozora Net Bank is currently 14.9%, we plan to increase this to 50%. We
have decided to reduce the valuation of the unit price of these shares to be acquired in the future byapproximately half of the newly calculated share price due to the capital increase.
As a result, the difference due to the reduction in the stock price will be recorded as an extraordinary loss.

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Although we are lagging behind in terms of performance, we continue to grow steadily in terms of business
KPIs. As a result of service development focused on corporate clients, the number of corporate accounts has
steadily expanded, as you can see. We hope that the next mega venture will be created by our customers.
In addition, the simple embedded financial service is a service that provides banking functions in the form ofparts for companies seeking to grow in the digital area. We have continued our efforts to promote its
widespread use, and we are seeing a growing awareness and response, to the extent that GMO Aozora Net
Bank is now considered to be the leading provider of embedded financial banking APIs.

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As you can see, our KPIs are steadily increasing, and our revised business plan does not change our conceptof three pillars: number one bank for small firms and start-ups; number one embedded finance; and number
one technology first bank.
In the banking business, we will continue to work together as an entire group to develop its business with afocus on a rock-solid stock revenue model. We will keep you posted.

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I will now explain the cryptoassets business.
The cryptoassets business has three businesses shown here. They are mining, exchange, and payment.

The trend of quarterly net sales and their breakdown.
The exchange business experienced a decline in revenue due to a sharp drop in overall market volume sinceH1 of the previous year when the market was booming.

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The mining business also remained sluggish due to the impact of crypto asset prices and global hash rates, inaddition to a drop in data center utilization rates.

Here are the trends for the quarterly operating income figures.
Losses were recorded in both the exchange and mining businesses.
In the GMO Coin exchange business, the number of accounts is growing steadily, but the decline in transaction
volume has a significant impact.
In addition, the share of trading value has decreased slightly due to the participation of foreign companies. In
consideration of this situation, we will continue to manage our marketing investments in a controlled manner.
This is the status of each business.
Finally, we will go into the topics. From here, CFO Yasuda will explain.
Yasuda: Hello again, everyone.
Now, let me explain the topics from here.

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Finally, I would like to introduce the topic of GMO Cyber Security by Ierae, Japan's most powerful group ofwhite hat hackers, which we announced as a group participant this January. We started offering our new
service, site seal.

This image uses our website as an example. It’s shown as this logo on the left.
This is the SSL certificate seal by GMO GlobalSign, which has already become widespread. The SSL certificate
seal is used by more than 10,000 websites to demonstrate their security efforts to visitors and to show thatthe site is trustworthy.
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The new service will be a cyberdefense version of the site seal. Ierae's white hat hackers will conduct adiagnosis and post this seal on websites that are judged to have fulfilled a certain level of requirements.

As you are well aware, news regarding cyberattacks has never ceased recently. We are now in a situation
where cyberdefense is becoming more and more important, not only in terms of information leaks, as there
has been an increase in cases that could undermine the continuity of business operations.
In response to this situation, services that rate a company's cyberdefense capabilities have appeared. We are
now aiming to make this site seal the new de facto standard as a symbol of cyberdefense for our customers
and business partners, so they feel secure in their relationships with us.
Currently, only sites that have been directly diagnosed by white hat hackers will be displayed with it. But inthe future, we will also display it on websites that have adopted our SaaS product, which is currently underdevelopment, to create a safe and secure business environment and promote cyberdefense in Japan.

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Finally, I would like to give a brief summary of this site seal.
At the beginning of my presentation today, I explained the strengths of our group. There are two of them.
One is that we are devoting our technological capabilities to our development and operation. And the second
is a revenue model called the rock-solid stock revenue model.
The site seal I explained this time is not just a seal, but truly a product that embodies our strengths. This is a
product that cannot be imitated by any other company and can be realized by combining the technicalstrengths of globally operating certification authorities and excellent white hat hackers, who have technicalstrengths.
We believe that this new product, just like other infrastructure products, will lead to a portion of rock-solid
stock revenues. We hope you look forward to the business synergy with Ierae.
This concludes today's financial results presentation. Thank you very much for your participation.
Internet for everyone.
[END]______________
Document Notes
1.
2.
3.
4.

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TollfreePortions of the document where the audio is unclear are marked with [Inaudible].
Portions of the document where the audio is obscured by technical difficulty are marked with [TD].
Speaker speech is classified based on whether it [Q] asks a question to the Company, [A] provides ananswer from the Company, or [M] neither asks nor answers a question.
This document has been translated by SCRIPTS Asia.

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