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

Company: Coincheck Group N.V.
Filing Date: 2025-11-18
Form: 424B3
Chunk 25
---
 March 31, 2025. When the Company announced its financial results on May 13, 2025 for the three months (and full year) ended March 31, 2025, the further adjustment to calculate Adjusted EBITDA consisted only of transaction expenses. Beginning with the first quarter for the year ending March 31, 2026 (and for the foreseeable future), in evaluating how Adjusted EBITDA should be calculated, the Company considers, in addition to transaction expenses, the non-cash expenses of (i) share-based compensation, which the Company did not have prior to April 1, 2025, the majority of which consists of Coincheck Group restricted share unit awards granted to two of Coincheck, Inc.’s founders and awards granted related to the Business Combination, and (ii) change in fair value of warrant liability, which fluctuates quarter to quarter based on the Company’s share price. The Company believes that showing its EBITDA results, further adjusted to exclude share-based compensation and change in fair value of warrant liability, can present a clearer view of the Company’s operational performance, and is helpful to view together with EBITDA and net profit or loss.

23

#### Monthly KPIs
The below table shows monthly operating data 1 from April 2024 through September 2025:

|                            |     |                                                  |           |           |          |           |           |           |           |           |                                            April |           |           | May      |           |           | June     |           |           |
|                            |     |                                                  |           |           |          |           |           |           |           |           |                                             2024 |           |           |          |           |           |          |           |           |
|                            |     |                                                  |           |           |          |           |           |           |           |           | -In millions, except number of verified accounts |           |           |          |           |           |          |           |           |
| Exchange trading volume    |     |                                                  |           |           |          |           |           |           |           |           |                                                ¥ |   463,858 |           | ¥        |   314,754 |           | ¥        |   271,697 |           |
| Marketplace trading volume |     |                                                  |           |           |          |           |           |           |           |           |                                                ¥ |    28,222 |           | ¥        |    23,