Metaplanet (3350) investor relations material

Executive summary

• Bitcoin remained the primary reserve asset, with a strategy focused on increasing Bitcoin per share and developing related financial businesses; holdings reached 44,000 BTC.

• Nine-month revenue rose 30.5% YoY to ¥5,895m and operating profit rose 26.5% to ¥3,476m, while Bitcoin sale and valuation losses drove a ¥27,157m net loss.

• Ranked second globally and first in Asia among publicly listed Bitcoin holders as of Nov. 12, 2026.

Financial highlights

• Nine-month revenue was ¥5,895.3m versus ¥4,517m; gross profit was ¥5,847.3m and operating profit was ¥3,476m.

• Ordinary loss was ¥27,572m and net loss attributable to owners was ¥27,157m, versus prior-year ordinary profit of ¥23,229m and net income of ¥13,528m.

• Losses included ¥19,171m on Bitcoin sales, ¥8,040m in Bitcoin valuation losses, ¥3,167m in interest expense and ¥1,062m in share issuance cost amortization.

• Basic EPS was a loss of ¥21.75; diluted EPS was not presented because of the quarterly net loss per share.

Outlook and guidance

• FY2026 forecast was revised to revenue of ¥6,500m and operating profit of ¥3,000m, from initial forecasts of ¥16,000m and ¥11,400m.

• Bitcoin acquisitions and Bitcoin Income activity fell short of assumptions as mNAV remained below 1.0x and share issuance was limited, constraining revenue growth.

• ¥52bn of October convertible-bond proceeds were prioritized for treasury-share purchases, limiting funds for Bitcoin acquisitions and Bitcoin Income activity; Q4 consolidation costs and goodwill amortization were expected.

• No FY2026 ordinary-profit or net-income forecasts were set because of Bitcoin price volatility; Super League income was excluded pending closing.