Second Quarter Total Revenue Increased 89% Year-over-Year and Increased 58% Quarter-over-Quarter

AMSTERDAM--(BUSINESS WIRE)--November 12, 2025-- 

Coincheck Group N.V. (Nasdaq: CNCK) ("Coincheck Group" or the "Company"), a Dutch public limited liability company and the holding company of Coincheck, Inc. ("Coincheck"), a leading Japanese crypto exchange company, today reported financial results for the second quarter of the fiscal year ending March 31, 2026 ("fiscal 2026"). References to "fiscal 2025" mean the fiscal year ended March 31, 2025.

Financial Highlights:(1)

Certain Year-Over-Year Highlights

   --  Total revenue increased 89%, to Yen133.1 billion ($900 million) in the 
      second quarter of fiscal 2026 from Yen70.3 billion ($475 million) in the 
      second quarter of fiscal 2025. 
 
   --  Gross margin2 increased 92%, to Yen3.9 billion ($26 million) in the 
      second quarter of fiscal 2026 from Yen2.0 billion ($14 million) in the 
      second quarter of fiscal 2025, mainly as a result of an increase in our 
      Verified Accounts, Customer Assets and an overall increase in Marketplace 
      Trading Volume. 
 
   --  Verified Accounts3 increased 15%, to 2,421,080 as of September 30, 2025 
      from 2,100,374 as of September 30, 2024. 
 
   --  Customer Assets4 increased 78%, to Yen1,189.2 billion ($8,037 million) 
      as of September 30, 2025 from Yen669.4 billion ($4,524 million) as of 
      September 30, 2024. 
 
   --  Marketplace Trading Volume5 increased 72%, to Yen94.7 billion ($640 
      million) for the second quarter of fiscal 2026 from Yen55.1 billion ($373 
      million) for the second quarter of fiscal 2025. Fluctuations in 
      Marketplace Trading Volume are usually driven by crypto-asset industry 
      market volumes and conditions generally, and the size and level of 
      trading activity at Coincheck specifically, as well as market-price 
      fluctuations in the crypto assets frequently traded. 
 
   --  Net income increased to Yen355 million ($2.4 million) in the second 
      quarter of fiscal 2026 from Yen15 million ($0.1 million) in the second 
      quarter of fiscal 2025. The primary driver of this increase was an 
      improvement in gross margin, partially offset by higher selling, general, 
      and administrative expenses. 
 
   --  Adjusted EBITDA6 was Yen1,486 million ($10.0 million) in the second 
      quarter of fiscal 2026 compared to Yen250 million ($1.7 million) in the 
      second quarter of fiscal 2025. 

Certain Quarter-Over-Quarter Highlights

   --  Total revenue increased 58%, to Yen133.1 billion ($900 million) in the 
      second quarter of fiscal 2026, compared to Yen84.0 billion ($568 million) 
      in the first quarter of fiscal 2026. 
 
   --  Gross margin increased 44%, to Yen3.9 billion ($26 million) in the 
      second quarter of fiscal 2026, compared to Yen2.7 billion ($18 million) 
      in the first quarter of fiscal 2026. 
 
   --  Verified Accounts increased 3%, to 2,421,080 as of September 30, 2025 
      from 2,351,223 as of June 30, 2025. 
 
   --  Customer Assets increased 19%, to Yen1,189.2 billion ($8,037 million) 
      as of September 30, 2025 from Yen1,000.3 billion ($6,760 million) as of 
      June 30, 2025. 
 
   --  Marketplace Trading Volume increased 54%, to Yen94.7 billion ($640 
      million) for the second quarter of fiscal 2026 from Yen61.5 billion ($416 
      million) for the first quarter of fiscal 2026. 
 
   --  Net income was Yen355 million ($2.4 million) in the second quarter of 
      fiscal 2026 compared to Net loss of Yen1,377 million ($9.3 million) in 
      the first quarter of fiscal 2026. The primary driver of this increase was 
      an improvement in gross margin and a decline in selling, general, and 
      administrative expenses in the second quarter of fiscal 2026. 
 
   --  Adjusted EBITDA was Yen1,486 million ($10.0 million) in the second 
      quarter of fiscal 2026 compared to negative Yen399 million ($2.7 million) 
      in the first quarter of fiscal 2026. 

Fiscal 2026 Second Quarter Strategic and Operational Highlights:

   --  The Company's "Coincheck Staking" offering continued to grow in the 
      second quarter of fiscal 2026. The Company launched "Coincheck Staking" 
      on January 13, 2025, allowing users to automatically earn Ethereum $(ETH)$ 
      simply by depositing ETH with Coincheck for staking rewards. The staking 
      revenue increased to Yen794 million ($5.4 million) in the second quarter 
      of fiscal 2026, compared to Yen381 million ($2.6 million) in the first 
      quarter of fiscal 2026, primarily due to a higher average percentage of 
      staked Ethereum. The Company acquired Next Finance Tech. Co., Ltd., a 
      staking platform service company in March 2025, and is working to also 
      use Next Finance's staking platform to reduce the share of the staking 
      rewards shared with the current third-party provider. The Company is also 
      in ongoing discussions for separate revenue-generating business 
      relationships for Next Finance with third parties. 
 
   --  Coincheck Group held its first Annual General Meeting $(AGM)$ on 
      September 23, 2025. Matters approved by the shareholders at the AGM 
      included reappointment of all nine board members (with one moving from 
      non-executive director to executive director), approval of the Company's 
      Dutch statutory annual accounts (financial statements) for the financial 
      year ended March 31, 2025, appointment of KPMG Accountants N.V. as the 
      external auditor of the Company's Dutch statutory annual accounts for the 
      financial year ending March 31, 2026, ratification of the Next Finance 
      and Aplo acquisitions, and authorization of the Company's board of 
      directors to issue up to 73 million ordinary shares for general purposes, 
      which includes acquisitions (approximately 5 million of which were used 
      for the Aplo acquisition). 

Other Recent Highlights:

   --  The Company acquired Aplo SAS, a digital asset prime brokerage for 
      institutional crypto investors based in Paris, on October 14, 2025. Aplo 
      has grown rapidly and today serves more than 60 active institutional 
      clients, including hedge funds, asset managers, banks and large 
      corporates. Aplo was named "Prime Broker of the Year (EMEA)" at the 2025 
      Hedgeweek Global Digital Asset Awards. The purchase price was 
      approximately $24 million in a stock-for-stock transaction. To complete 
      its acquisition of 100% share ownership of Aplo, Coincheck Parent also 
      paid approximately EUR148 thousand (the "Cash Consideration") to certain 
      warrant holders of Aplo who, as part of closing, exercised their warrants 
      in exchange for Aplo shares and transferred those Aplo shares to 
      Coincheck Parent in exchange for the Cash Consideration. 
 
   --  The Company announced a strategic business relationship with Mercoin, a 
      subsidiary of Mercari, Inc., one of the biggest C2C marketplaces in Japan, 
      to expand Coincheck's customer base by allowing Mercari's customer base 
      to open and use Coincheck accounts from within Mercari's customer app. 

Webcast and Conference Call

Coincheck Group will host a live webcast to discuss its results today at 5:00 pm ET. The call will be hosted by the following members of Coincheck Group's management: Gary Simanson, CEO, and Jason Sandberg, CFO. The conference call can be accessed live via webcast from the Company's investor relations website at https://www.coincheckgroup.com/news-events/ir-calendar. A replay will be available on the investor relations website following the call. The conference call can also be accessed over the phone by dialing (800) 267-6316 or (203) 518-9783; the Conference ID is CNCKQ2.

About Coincheck Group N.V.

Headquartered in the Netherlands, Coincheck Group N.V. $(CNCK)$ is a public limited liability company and the holding company for Coincheck, Inc. Coincheck operates one of the largest multi-cryptocurrency marketplaces and crypto asset exchanges in Japan and is regulated by the Japan Financial Services Agency. Coincheck provides Marketplace and Exchange platforms on which diverse cryptocurrencies, including Bitcoin and Ethereum, are held and exchanged as well as other retail-focused crypto services. Coincheck also leverages its ownership of Next Finance Tech Co., Ltd. to offer staking services to retail customers and corporate clients, and its ownership of Aplo will be targeted at penetrating certain institutional crypto investor markets.

Forward Looking Statements

This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about trading, future financial and operating results, plans, objectives, expectations and intentions with respect to future operations, products and services; and other statements identified by words such as "will likely result," "are expected to," "will continue," "is anticipated," "estimated," "believe," "intend," "plan," "projection," "outlook" or words of similar meaning or the negative thereof. Such forward-looking statements are based upon the current beliefs and expectations of the Company's management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are difficult to predict and generally beyond the Company's control, which could cause actual results or events to differ materially from those presently anticipated; such risks, uncertainties, and assumptions, include, among others: (i) changes in the cryptocurrency and digital asset markets in which the Company competes, including with respect to its competitive landscape, technology evolution or regulatory changes; (ii) changes in global political, economic or industry conditions, the interest rate environment or conditions affecting the financial and capital markets, including the effects of

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