Company: CNCKW
Filing Date: 2025-11-18
Form Type: 424B3
Source: 0001913847-25-000033
Chunk: 32

Company: Coincheck Group N.V.
Filing Date: 2025-11-18
Form: 424B3
Chunk 32
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 including growing our customer base, in order to offset the effects of any future price pressure on our fees, if we are unable to do so or if such price pressure emerges more rapidly than we anticipate our operating results may be adversely affected.

#### Marketing
Our primary means of marketing is digital marketing, which allows us to respond flexibly to the impact of changes in the market price of crypto assets. We use television advertisements only to the extent we believe those investments can produce a reasonable return within a reasonable period of time based on our estimated conversion ratio and other factors. Generally, we estimate our return of investment per marketing campaign, which is a primary factor in our decision as to whether we launch the campaign.

Our advertising and promotion expenses are directed towards customer acquisition. They totaled ¥461 million and ¥247 million for the three months ended September 30, 2025 and 2024, respectively, and the number of new

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accounts opened totaled 69,857 and 39,995, respectively. They totaled ¥891 million and ¥724 million for the six months ended September 30, 2025 and 2024, respectively, and the number of new accounts opened totaled 129,977 and 119,222, respectively. The increase in total advertising and promotional expense was primarily driven by a strategic decision to allocate a larger portion of our marketing budget toward web based advertising from television advertisements. The main components of our advertising and promotional expenses are web advertising, affiliate marketing programs, television advertising, and marketing campaign expenses, which accounted for (i) 34.5%, 41.9%, 4.1%, and 17.8%, and (ii) 12.1%, 46.1%, 32.0% and 7.2%, for the three months ended September 30, 2025 and 2024, respectively, and (i) 35.6%, 41.1%, 6.0%, and 15.5%, and (ii) 11.2%, 39.5%, 34.8% and 13.3%, for the six months ended September 30, 2025 and 2024, respectively.

We monitor our total marketing costs for customer acquisition (MCC), cost per acquisition (CPA) and customer payback to assess the effectiveness of our marketing. Relevant measures for recent periods are summarized below:

<div align='center'>Revenue and Total MCC (Marketplace platform)</div>

Source: Coincheck Internal data.

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