GMO Payment Gateway (3769): FY2025 Results Summary — Operating Profit Up 24.4%, Next Milestone Is OP ¥100.0 bn

This article is based on publicly available IR materials and is not a recommendation to buy or sell any specific securities.

GMO Payment Gateway, Inc. (3769; Tokyo Stock Exchange Prime), whose fiscal year ends in September, announced results for FY2025 at its 83rd Investor Meeting on November 13, 2025. Consolidated revenue grew 11.8% year on year to ¥82,499 million and operating profit rose 24.4% to ¥31,340 million, with operating profit finishing at 103.7% of the company’s guidance. The company positions operating profit of ¥100.0 bn by FY2030 or FY2031 as its next milestone.

Consolidated Results (Full-Year Actual)

Revenue increased 11.8% and operating profit 24.4% year on year. Versus guidance, revenue came in ¥878 mil below plan (▲1.1%), mainly due to a shortfall in terminal sales, while operating profit ended ¥1,115 mil above plan (+3.7%) even after absorbing a one-time cost booked in Q2 (▲1,028 in profit impact). Profit attributable to owners of parent reached 117.9% of guidance. Consolidated EBITDA (the sum of operating profit and depreciation) was ¥35,261 mil for FY2025, up from ¥28,534 mil in FY2024. On capital efficiency, ROE improved to 20.2% and ROIC to 13.0% in FY2025, versus a WACC of 8.0%.

Item (¥ mil)	FY2025	FY2024	% YoY	Guidance achievement
Revenue	82,499	73,785	+11.8%	98.9%
Gross Profit	55,495	48,103	+15.4%	106.1%
Operating Profit	31,340	25,187	+24.4%	103.7%
Pre-tax Profit	31,911	27,504	+16.0%	111.1%
Profit Attributable to owners of parent	21,829	18,705	+16.7%	117.9%
Dividend per share (total)	¥144	¥124	+¥20	—

Operational KPIs at end-FY2025 were as follows (per the summary slide; TRX figures are shown as approximate values in the materials).

KPI	End-FY2025 / FY2025	% YoY
Operating stores (online payment)	163,890 stores	+4.7%
Active IDs (CP payment)	438,563 IDs	+16.8%
Consol. TRX volume	≒ 8.69 bn	+17.4%
Consol. TRX value	≒ ¥21.8 trn	+16.5%

Segment Results

By segment, Payment Processing Business revenue grew to ¥61,677 mil and Money Service Business revenue to ¥19,188 mil, with Money Service Business segment operating profit up 31.7% on growth of the remittance service and overseas lending. The company notes that GMO-FG’s initial revenue (mostly terminal sales) declined 24.6%, holding consolidated revenue growth to 11.8%; recurring-model revenue at consolidated GMO-FG rose 31.6%. Among subsidiaries (before consolidation adjustments), full-year operating profit rose 14.8% at consolidated GMO-EP, 12.9% at GMO-PS and 45.6% at consolidated GMO-FG.

Segment (¥ mil)	Metric	FY2025	FY2024
Payment Processing Business	Revenue	61,677	55,927
Money Service Business	Revenue	19,188	16,462
Payment Enhancement Business	Revenue	1,766	1,509
Total	Revenue	82,499	73,785
Payment Processing Business	Segment profit	29,779	25,214
Money Service Business	Segment profit	5,407	4,104
Payment Enhancement Business	Segment profit	418	373
OP (after eliminations)	Operating profit	31,340	25,187

FY2026 Guidance

For FY2026, the company guides revenue to increase 13.0% and operating profit to increase 20.1%.

Item (¥ mil)	FY2026 Guidance	FY2025 Actual	% YoY
Revenue	93,235	82,499	+13.0%
Gross Profit	62,052	55,495	+11.8%
Operating Profit	37,639	31,340	+20.1%
Pre-tax Profit	36,119	31,911	+13.2%
Profit Attributable to Owners of Parent	23,406	21,829	+7.2%
Dividend per share (payout ratio)	¥170 (55.1%)	¥144 (50.0%)	+¥26 (+5.1%)

Shareholder Returns

The FY2025 dividend per share was ¥144 (ordinary ¥144, special ¥0), ¥20 higher than planned and up ¥20 from FY2024’s total of ¥124 (ordinary ¥116 plus special ¥8), for a payout ratio of 50.0%. For FY2026, the company guides a dividend of ¥170 per share, up ¥26, with a payout ratio of 55.1%.

Medium-Term Plan / Topics

The company targets operating profit of ¥100.0 bn by FY2030 or FY2031, driven by market expansion (the EC & cashless market is forecast to expand by 1.6x), expansion of GMO-PG’s consolidated transaction value share of the EC & cashless payment market to 25%, profitability improvement (aiming for a 5%pt. OP margin uplift), and expanding operating profit from the value-added domain (BaaS support, global, GMO-RP, Salary FinTech, GMO Enpay, etc.) to ¥15.0 bn in FY2030 to FY2031. Revenue targets for FY2030-FY2031 include over ¥110.0 bn at GMO-PG non-consolidated, over ¥15.0 bn at GMO-EP non-consolidated, over ¥32.0 bn at GMO-PS, and over ¥12.0 bn in BaaS support, with consolidated GMO-FG targeting operating profit of over ¥5.0 bn in FY2030. In FY2025 the company also raised ¥20.0 bn from a straight bond issuance (credit rating: A-).

This article is an analysis based on publicly available information and is not a recommendation to buy or sell any specific securities. Investment decisions are your own responsibility.