GMO Internet Group, Inc.
Q1 Financial Results Briefing for the Fiscal Year Ending December 2023
May 11, 2023

Event Summary[Company Name]

GMO Internet Group, Inc.

[Company ID]

9449-QCODE[Event Language]

JPN[Event Type]Earnings Announcement[Event Name]

Q1 Financial Results Briefing for the Fiscal Year Ending December 2023

[Fiscal Period]

FY2023 Q1[Date]

May 11, 2023

[Number of Pages]

40[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 Q1 financial
results presentation today. I will introduce to you the attendees of today's presentation.
Today's presenters are Masashi Yasuda, Group Vice President, CFO, and Noriko Inagaki, Group Executive
Officer, General Manager of Finance Department.
Today, they will provide an overview of the financial results, followed by a question-and-answer session. The
meeting is scheduled to end at 16:30. Presentation materials regarding financial results are available on the
Company's website. After the event, a link to the survey will be displayed, and we would appreciate it if you
could answer it. We thank you for your understanding.
Our CFO, Yasuda, will now explain the results.

Yasuda: My name is Yasuda, and I'm the CFO of GMO Internet Group. Thank you very much for participatingin our presentation for Q1 financial results for the fiscal year ending December 31, 2023.
Since our fiscal year ends in December, I will explain our financial results for the period from January throughMarch. I appreciate your attention.
First of all, here is today's agenda. Now I would like to get right into it.

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First, here is the summary of the financial results.
Sales were JPY65.5 billion, with operating profit of JPY10.9 billion, ordinary profit of JPY11.9 billion, and net
profit of JPY3.9 billion. Compared to the same period of the previous year, sales increased but profit decreased.
Net sales grew significantly, with record highs in the infrastructure and finance segments. Profit, on the other
hand, declined due to factors, such as additional provision for doubtful accounts in the securities business inThailand.
The large decrease in net profit is a reactionary decline from the gains through the sale of investment
securities in the previous year.

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Next, here is a summary for each segment. The far right shows the qualitative evaluation by our management.
First, infrastructure segment is rated as double circle, very good. Both sales and profit increased, with recordhigh quarterly performance. This business embodies the Group's strengths, which are a collection of
overwhelmingly number one services and a solid recurring revenue business model. In particular, sales growthhas been strong, exceeding 20%. This was because the cybersecurity business, which joined the Group in Q2of the previous year, enjoyed a big demand season in this quarter. Another driver was the acquisition of large
deals in face-to-face payment services.
Advertising and media is rated as circle, good. Sales increased but profit decreased. Capturing the expansionof the advertising business, in-house products and media performed well, which boosted top line. On theother hand, there were upfront costs, including onetime expenses that were not initially anticipated, in
addition to higher sales-related expenses due to increased subcontracting costs associated with expanded
transactions and an increase in personnel due to the investment in human resources in the previous year.
Next, finance is rated as circle, good. Both sales and profit increased.
Sales reached a quarterly high. Here is a breakdown. FX is rated as circle, good. Profitability has been an issue,
but the effects of profitability improvement measures taken since Q4 of the previous year are becoming
evident. CFD is also rated as circle, good. Sales reached a record high. It has grown to become our second
mainstay product after FX. Overseas business is rated as x, bad. As I mentioned earlier, we have decided torecord an additional JPY1.5 billion in allowance for doubtful accounts in our securities business in Thailand.
We will strengthen our risk management system and will diligently pursue collection, including filing lawsuits,
seizure of collateral, and seizure of property.
Crypto assets business is rated as triangle, neither good nor bad. It recorded a decrease in revenue and loss.
The number of accounts and shares of transactions in the exchange business by GMO Coin has remained
steady. On the other hand, the market environment is sluggish and transaction volume has declined acrossthe industry as a whole. The utilization rate of the mining business also remained low.

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Although conditions remain challenging, we haven't changed our view that the crypto asset market still has
potential. We will continue to enhance our internal structure to generate profit when the time is right.

Next, I will describe the analysis of changes in sales and profit for each segment.
Sales are shown on the left, and operating profit is shown on the right. Infrastructure business performed well,
but the additional allowance for doubtful accounts in finance as well as the weak trend of crypto assets
resulted in a JPY9.5 billion increase in consolidated revenues and a JPY0.1 billion decrease in consolidated
earnings.

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5Moving on to the shareholder returns.
Our basic policy is to achieve a total return ratio of 50%. Of which, at least 33% is to be allocated for dividends
and the remaining 17% for share repurchases.

This shows the trend of dividends per share. We will not disclose earnings and dividend forecasts for thecurrent fiscal year as well. For this reason, dividend announcements will be made on a quarterly basis.
The dividend for Q1 will be JPY12.2.
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Before I go into the details of our quarterly results, I would like to reiterate our group's strengths. We havelargely two strengths.

Here is the first one. Our commitment to in-house development and operation. We firmly believe that wemust become a creative company that produces and operates its own products and services in order to survive
and deliver the number one services in the fast-changing Internet market.

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7What will be important are the people involved in making things, such as engineers, creators, and directors.
At the end of March 2023, the number of our partners exceeds 7,300. Of which, 50.3% are those who are
involved in production. The first time we set a goal for the producer ratio was in 2011. The target at that time
was 50%.
This value was presented to investors in February 2014, when the ratio was 37.1%.
We got closer to the target of 50% in February of this year and raised it to 60%, and now, for the first time,
we have exceeded our initial goal of 50%.
The age of the Internet is the age of sensitivity. We believe that we need to increase the number of great
creators and become known that GMO Internet Group is a company of UI/UX and creativity. We will continue
to grow as a company that produces things.
We also welcomed 58 new graduates as our partners in April. You may feel this is smaller than normal years,
but this is because of the new policy we implemented from this fiscal year under the program of hiring thenumber one talent in the region with new graduate annual salary of JPY710 million by carefully selecting thebest and brightest people. Together with our new colleagues, we hope to support the Internet in Japan.

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8Here is our second strength. This is our revenue model called "solid recurring revenues" in GMO Internet
Group terms, which we have been communicating since Q2 of the previous year.
We believe that the reason we were able to increase sales and profits for 14 consecutive years until the last
fiscal year is because we have been accumulating solid recurring revenue since our inception.

It's the recurring revenue gained from products that will not disappear and remain a necessity as long as theInternet exists, with a recurring billing model.

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9Here is a trend of consolidated sales. As you can see, we have achieved sustainable growth since ourestablishment.

Here is a breakdown of sales for solid recurring revenue and others. The red line represents solid recurring
revenue in terms of percentage of sales.
Solid recurring revenue includes both recurring billable revenues in the infrastructure business andtransactional revenues with a solid recurring revenue base similar to the recurring billing model. As you cansee, solid recurring revenues are what support our sustained growth.
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10Here is the solid recurring revenue broken down into unit price and number of contracts. Both the unit priceand the number of contracts continue to expand. Currently, solid recurring revenue of JPY130.1 billion is
generated from a number of contracts of approximately 13 million multiplied by an annual unit price ofapproximately JPY10,000.
The number of contracts is still growing, with 10,000 new applications every day. As there are somecancellations, the net increase will be smaller, but we expect that it will continue growing as the volume of
information and transactions on the Internet expands.

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11Here is the status showing the number of infrastructure contracts.
It can be rephrased as the foundational base that supports our solid recurring revenues. At the end of March,
the total number of contracts was 12.93 million. The historical figure shows an incremental growth ofapproximately 810,000 contracts per year.
Considering that the unit price is on the rise, it is slightly more than JPY10,000, which, when multiplied
together, translates into annual sales of nearly JPY10 billion. Please stay tuned.
Next, we will explain our group overview. Ms. Inagaki, Group Executive Officer and General Manager of the
Finance Department, will take this part.

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Inagaki: My name is Inagaki, Group Executive Officer and General Manager of the Group Finance Departmentof GMO Internet Group. I will explain the overall business situation of our group. I appreciate your attention.
This is an overall picture of our business portfolio.
The size of each business area indicates the sales composition, the number of infrastructure contracts as thesolid recurring revenue base was just explained by Yasuda, which is about 13.52 million. Along with that, FX,
securities, and crypto asset all together represent a total customer base of 16.03 million.

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13This is the market capitalization of the 10 listed companies in the Group and our equity ownership share. As
you can see, the total market capitalization of the Group is approximately JPY1.4 trillion, and ourcorresponding equity ownership is close to JPY450 billion.

Here are the quarterly sales by segment.
Although the revenue recognition rules have changed since the same period last year, the growth trend
continues, centered on the infrastructure shown on the bottom with dark blue.

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14Here is the quarterly operating profit trend by segment. In the finance business, the additional provisioning
in the Thailand securities business resulted in a decrease in profit compared to the previous year.
Despite the short-term volatility, our view of sustainable growth based on solid recurring revenues forinfrastructure has not changed at all.

Now, I will explain the infrastructure business. Here is the business description. Domains, cloud hosting, ecommerce platforms, SSL server certificates, digital seals, cybersecurity, payments, and access are all acollection of number one services that will never disappear and are indispensable to the Internet society.
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15This is the trend of quarterly net sales and their breakdown.
As you can see, the quarterly results reached record high, and the overall rate of revenue growth in thesegment has accelerated again. Under these trends, the growth rate of this quarter was particularly strong,with more than 21%.
There are two main factors. First one is the payment business highlighted with light blue. This was due to theacquisition of a large deal in the face-to-face payment by GMO financial gate and accelerated sales of stera
terminals.
Next one is the security business highlighted with green. GMO Cyber Security by Ierae, which joined the Groupsince Q2 of the previous year, saw a large increase in sales thanks to a seasonal demand.

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16Here is the trend in the quarterly operating profit. Its performance reached an all-time high, with anaccumulation of solid recurring revenues. Ierae also turned profitable in this quarter due to the seasonal
demand.

Now, I would like to report once again on the progress of our business in cryptographic security, GMO Sign,
which we are developing groupwide as a strategic business.
As we have indicated, we are number one not only in the number of contracts but also in the number oftransmissions.
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First, I will explain the status concerning the number of contracts. Since the groupwide "Sayonara Inkan"
campaign efforts 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 March, thenumber of user companies expanded to 1.25 million.
As you can see, the adoption by major companies is progressing steadily. This past April, we entered into abusiness alliance with Mitsubishi UFJ Bank. We are running a campaign for customers who have opened a
new web-based corporate account with Mitsubishi UFJ Bank to offer GMO Sign with special benefit.

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Next is the number of transmissions. We view the number of transmissions as the most important KPI thatindicates the intensity of customer activities. As you can see, it is expanding steadily, and together with thenumber of contracts, we have achieved a double crown.

As for GMO Sign, we are also strengthening our efforts in digital government initiative.
It is already confirmed to be adopted by more than 30 public organizations, and we aim to be the number one
in the local government market. We aim to achieve the triple crown, together with the number of contracts
and the number of transmissions, leading to further growth.
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19Here is the overall transaction volume 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.
In the EC for merchandise sales, the industry as a whole has seen a reactionary decline after stay-at-homeconsumption demand, and although the Group's high-priced MakeShop business remained strong, overallsales remained weak.
However, in terms of our view of the EC market, the size of the transaction volume itself is larger than the
pre-COVID-19 period. We believe that this is an area where growth can be expected in the future, although
there will be a temporary reactionary decline due to changes in consumption trends resulting from thesubsiding impact of COVID-19.
Approximately 40% of this transaction volume was generated using GMO Payment Gateway's payment
service, which we believe indicates the strong synergy between our EC platform and payment business.

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Finally, I will discuss price revisions and their impact.
GMO Internet Group's motto is to provide the number one service in all specifications and prices.
However, with the recent surge in electricity prices, the ongoing depreciation of the yen, and the global
shortage of semiconductors, it has become difficult to absorb this impact through cost reductions and otherinternal efforts alone. Therefore, we have decided to revise the prices according to the details as shown here.
The service maintenance adjustment fee will be a kind of surcharge, rather than a permanent price increase
and will be reviewed according to market trends.
In terms of customer response, we have not seen any particular impact on retention rates or new applications.
As for the impact on business performance, since both sales and expenses will be divided proportionally overthe period, the effect will gradually become apparent and the impact on business performance is expected tobe negligible.

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I will now explain the advertising and media business.
Here is the trend of quarterly net sales and their breakdown. Online advertising continued to trend favorably
as we captured the recovering demand for advertising and expanded the handling of our own products. Mediabusiness also continued to see strong growth in the number of PVs of own media.

Here is the trend in the quarterly operating profit.

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As you can see, the V-shaped recovery trend continues after bottoming out in 2022. The trend of expanding
our high-margin products, such as own media and research platforms, continues.
On the other hand, the increase in outsourcing expenses due to increased transactions and higher salesrelated expenses with headcount growth as part of an investment in human resources in the previous year,
as well as onetime increase in advertising distribution expenses, resulted in a YoY decrease in profit.

Moving on to finance.
Quarterly performance trends are as shown. In Q1, sales reached a quarterly high as a result of active FX
trading and improved profitability due to enhanced internal initiatives.
Profit increased by 3.1% YoY, despite a provision of JPY1.5 billion in the Thailand securities business, as in Q4of the previous year.

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23Here are the net sales trends by product. Profitability improved in FX, dark blue, surpassing Q4 of 2021, which
was brisk during the pandemic.
CFD, light blue, also posted record sales on the back of brisk trading in commodity-related indices.
On April 17, Gaika ex byGMO, Inc. also started offering CFD trading.
We will aggressively cross-sell by offering derivatives trading, which is one of our strengths, at each of ourcompanies.

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24Here is a graph showing the relationship between sales and trading volume in the FX business.
While transaction volume increased sharply last year due to the ongoing depreciation of the yen, sales
declined. However, since Q4 of last year, profitability has improved despite the decline in transaction volume
due to the strengthening of profit improvement measures.
As a result, our current share of transactions is declining, but we are working on each measure based on theconcept of building up our market share from the ground-up by refining our products.

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I will now explain the crypto asset business. It consists of three types of businesses shown here, mining,exchange, and payment.

Here is the trend of quarterly net sales and their breakdown. In the exchange business, sales declined in linewith a significant YoY drop in trading value amid a weak market environment.
Despite global headwinds, the number of accounts remained steady as we worked to add new issues andacquire new customers.

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This is the quarterly operating profit trend.
Losses continued to be incurred in this segment as a result of the decline in sales. Crypto asset transaction
volume continues to decline, making it difficult to generate profits.
In consideration of this situation, we will continue to manage our marketing investments in a controlledmanner. We will continue to take internal measures in a persistent manner, so that we will be able to build aprofitable structure when the market becomes active again.
This concludes my part on the status of each business. CFO Yasuda will explain the last part of the agenda,
topics.

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Yasuda: I will now explain the last part of the agenda, which is topics.
First, I would like to talk about our efforts in the area of security.
"Safe and secure Internet for everyone," we talked about cyberattacks becoming an urgent social issue andmanagement risk at our last financial results briefing. In order to meet the ever-accelerating need for security
in the future due to the progress of digital transformation and online connectivity, we have adopted this as
our slogan for our security business and will contribute to the realization of a safe national society.

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Our security business consists of three pillars. First, cryptographic security, such as SSL using authentication
technology, second, cybersecurity by Japan's most powerful white hacker group, and the third one is brandsecurity by domain trademark professionals.

Today, I will talk about the update of GMO Cyber Security by Ierae, the most powerful white hacker group in
Japan, which joined the Group last January.

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First, here is a list of customers who adopted our cybersecurity service. GMO Cyber Security by Ierae's greatest
strength is its technology. As you can see, companies in a wide range of industries and sectors, both domestic
and international, use vulnerability assessments conducted by white hackers who have an attacker's point ofview.

Here is the track record. These are the achievements so far.

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In addition to being number one in domestic and international contests, we are also assisting cybersecurity
education and training for the government, National Police Agency, and Ministry of Defense, as they
implement full-scale cybersecurity measures.
We have received letters of appreciation for our technical support.

And Ierae has launched a new service. The name of the service is GMO Cyber Attack Net de Diagnosis. It is a
SaaS-type product that automatically checks the security holes in the website when you enter the domainname and provides a scoring of the results. Anyone can easily check the safety of a site with a high level of
security.
The monthly fee is JPY980, but the service is free until the end of December this year.

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Now, our infrastructure's 13.52 million customer base is of various sizes, and we are thinking about crossselling/cross-using Ierae's services and products according to each customer segment.
For large enterprise customers, GMO Cyber Security for Banks, which specializes in industry and sectors, thisservice is intended for banks, or GMO Cyber Security for Social Infrastructure, this service is designed forcompanies that are responsible for social infrastructure.
We are developing this type of project-based service with a push-type sales approach.
For SMEs to large/midsize companies, we are planning to develop this GMO Cyber Attack Net de Diagnosis, a
SaaS-type product that incorporates the knowledge of white hackers, in a so-called pull-type sales approach.

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32Here is a view of the medium- to long-term growth of the cybersecurity business.
Ierae's existing business and industry sector-specific services are project-based, so the business will scaleaccording to the number of white hatters.
We have had strong inquiries for this service, and we continue to recruit and train white hackers, so we expect
steady growth in the future. What is needed to further scale the business is, again, a SaaS-type product.
We will scale up our business through synergy between our number one services by promoting cross-sellingand cross-use with our infrastructure customer base, starting with this Net de Diagnosis.

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Here is the second topic. Finally, I would like to briefly touch upon how we are responding to AI.
Since OpenAI released a prototype version of ChatGPT last November, services using generative AI havespread rapidly. For example, efficiency and accuracy have improved in various areas, including automatedcustomer support, machine translation, speech recognition, synthesis, and text generation.
As you may know, it is evolving at an overwhelmingly rapid pace, with more than 100 million users in just twomonths.

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Here are some of the tweets by our CEO Kumagai on ChatGPT. These are just some of his remarks, but wehave highlighted a few key points.
Since February of this year, there are an increasing number of these types of tweets. Also, although notmentioned here, Kumagai himself experienced AI-related services and shared them within the Group.
In March, he has decided to host ChatGPT business application contest, and the most important thing is about
the speed. Please look at the upper right corner. He tweeted as follows, "I have known the Internet for 30
years and have been running an Internet company for 28 years. I feel that this industry has changed the mostin the last three months." Please look at the tweet in the middle of the left column, which is particularly
important. It says, "I thought AI would reduce inequality and make people smile, but I realized the opposite.
From now on, the gap between people and companies who can use it well and those who can't will increase."
This is his tweet.
In other words, you can see that his view of AI is changing.

This means, simply put, that there is a shift from anticipation to alarm.
AI has problems, such as fake news and ethical issues, cybersecurity, et cetera. It is a new field, so of course,
there are many challenges. Even so, our thinking is that there is no other option but to embrace AI.

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In terms of how we approach AI/ChatGPT as a group, we think that the speed of evolution is 100 times fasterwith the advent of AI compared to a technology dog year, which is seven times of normal speed.
In other words, a month's delay is equivalent with 100 months' delay. We have made it known throughout
the Company that speed is of vital importance.
In March, our group started using ChatGPT for business operations and decided to hold a ChatGPT businessapplication contest. As a result of these promotions, we have already begun to offer AI-based capabilities inthe services shown here.

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GMO Internet Group will actively incorporate AI into its management under the slogan of "Become the No.1
AI-application corporate group."
In the age of AI, we will continue to provide our customers with the number one services by improving
productivity and reducing costs. Please stay tuned.
That is all the explanation for today. Thank you very much for your participation.

Internet for everyone.
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[END]______________
Document Notes
1.
2.
3.
4.

SupportJapan
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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