Company: CNCKW
Filing Date: 2025-11-18
Form Type: 424B3
Source: 0001913847-25-000033
Chunk: 24

Company: Coincheck Group N.V.
Filing Date: 2025-11-18
Form: 424B3
Chunk 24
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,041 thousand in January 2025 then declined to approximately ¥12,382 thousand as of March 31, 2025. The price then recovered and reached a new all-time high of approximately to ¥18,146 thousand in August 2025, which we believe was a key factor supporting our increased revenue for the six months ended September 30, 2025 as compared to the six months ended September 30, 2024.

There have been a number of major crypto asset price cycles over the past decade, and price cycles continue to be volatile. Due to the highly volatile nature of crypto asset prices and trading activity, historically our operating results have fluctuated significantly from quarter to quarter in line with market sentiment and trading activity.

As of September 30, 2025 customer assets were ¥1,189 billion, and our marketplace trading volume during the six months ended September 30, 2025 was ¥156.2 billion.

For the three and six months ended September 30, 2025, our total revenue was ¥133,105 million and ¥217,094 million; our net income (loss) was ¥355 million and ¥(1,022) million; EBITDA, a non-IFRS measure, was ¥1,126 and ¥63 million; and Adjusted EBITDA (which we began to calculate differently beginning with the three months ended June 30, 2025 as compared to the previous quarter, as explained in the next paragraph), a non-IFRS measure, was of ¥1,486 million and ¥1,087 million. For the three and six months ended September 30, 2024, our total revenue was ¥70,348 million and ¥145,647 million; our net profit was ¥15 million and ¥452 million; EBITDA, a non-IFRS measure, was ¥166 million and ¥1,001 million; and Adjusted EBITDA, a non-IFRS measure, was ¥250 million and ¥1,264 million. See “— Key Business Metrics and Trends — Non-IFRS Financial Measures” below for information regarding our use of EBITDA and Adjusted EBITDA and a reconciliation of net profit, the most directly comparable IFRS measure, for the quarter to EBITDA and Adjusted EBITDA.

The Company changed its calculation of Adjusted EBITDA beginning with the three months ended June 30, 2025 as compared to how it was previously calculated for the three months ended