and further improved to a profit of ?58,650 million in the year ended March 31, 2025. These improvements reflect operating leverage achieved through revenue scale, disciplined cost management, and increased contribution from higher-margin financial services. For the nine-month period ended December 31, 2025, we continued to observe positive trends in user growth, transaction volume, and In addition to our financial results, we use operating metrics, which our management reviews to evaluate our current and past business, financial measures, together with the most directly comparable IFRS financial measures, and operating metrics for the years ended March 31, 2023, 2024 and 2025 and the nine-month periods ended December 31, 2024 and 2025: Adjusted EBITDA is defined as profit (loss) for the year (period) plus income tax expense (benefit), share of profit (loss) of investments accounted for using the equity method, depreciation and amortization, loss on disposal of property and equipment and intangible assets, amortization of contract cost, listing-related expenses, M&A-related expenses and net interest expense (income) from corporate borrowings and treasury assets. Share of profit (loss) of investments accounted for using the equity method includes share of loss of a joint venture accounted for using the equity method. Adjusted EBITDA Margin is calculated as Adjusted EBITDA divided by total revenue. Total GMV, or gross merchandise value, is defined as the total of PayPay Balance GMV, PayPay Credit GMV, PayPay Card GMV and PayPay Bank Visa Debit Card GMV, excluding the GMV of cancelled transactions. See “_Our Financial Performance, Key Metrics and Financial Highlights—Gross Merchandise Value (GMV) for a discussion of GMV. https://www.sec.gov/Archives/edgar/data/2080845/000119312526047933/d941409df1.htm