Deferred taxes and incomes tax expenses (benefits) (Tables)

12 Months Ended

Mar. 31, 2026

Disclosure of temporary difference, unused tax losses and unused tax credits

Deferred taxes


	As of March 31,		Recognized through profit or loss		Addition (business combination)		As of March 31,
(Unit： In millions)	2024						2025
Deferred tax assets:
Lease liabilities	¥	522	¥	(97)	¥	—	¥	425
Tax losses carried forward(1)	26		(26)		—		—
Accrued enterprise tax	36		13		—		49
Accrued bonuses	71		27		—		98
Accrued expenses	98		(22)		—		76
Accrued paid leaves	16		—		—		16
Leasehold improvements	19		17		—		36
Asset retirement obligations	37		70		—		107
Other	33		(4)				29
Total deferred tax assets	¥	857	¥	(20)	¥	—	¥	836

Deferred tax liabilities:
Lease assets	¥	499	¥	(104)	¥	—	¥	395
Asset retirement obligation	6		98		—		104
Identifiable intangible assets	¥	—	¥	—	¥	79	¥	79
Total deferred tax liabilities	¥	505	¥	(6)	¥	79	¥	578

____________

(1) Revised based on adjustments to the original provisional amounts made in the year ended March 31, 2025 due to the business combination of Next Finance Tech, described in Note 6 (2) “Reverse Recapitalization and Acquisitions of subsidiaries.”


	As of March 31,		Recognized through profit or loss		Recognized in OCI		Addition (business combination)		As of March 31,
(Unit： In millions)	2025								2026
Deferred tax assets:
Lease liabilities	¥	425	¥	(133)	¥	—	¥	—	¥	292
Tax losses carried forward	—		(16)		(1)		53		36
Accrued enterprise tax	49		(12)		—		—		37
Accrued bonuses	98		(32)		—		—		66
Accrued expenses	76		(58)		—		—		18
Accrued paid leaves	16		8		—		—		24
Leasehold improvements	36		28		—		—		65
Asset retirement obligations	107		(2)		—		—		104
Other	29		122		—		—		151
Total deferred tax assets	¥	836	¥	(95)	¥	(1)	¥	53	¥	793

Deferred tax liabilities:
Lease assets	395		(106)		—		—		290
Asset retirement obligation	104		(16)		—		—		87
Identifiable intangible assets	79		(24)		22		523		600
Other	—		1		—		—		1
Total deferred tax liabilities	¥	578	¥	(145)	¥	22	¥	523	¥	977

Deferred tax assets and deferred tax liabilities presented in the consolidated statements of financial position are as follows:


	As of March 31,
(Unit： In millions)	2025		2026
Assets:
Deferred tax assets	¥	337	¥	378
Deferred tax liabilities	79		562
Net amount	¥	258	¥	(185)

Disclosure of income tax expense (benefits)

Income tax expenses (benefits) consist of the following:


	For the fiscal year ended March 31,
(Unit： In millions)	2024		2025		2026
Current tax expenses
Reporting period	¥	487	¥	976	¥	1,067
Adjustment related to prior years	—		—		(59)
Sub-total	487		976		1,008
Deferred tax expenses (benefits)
Origination and reversal of temporary differences	(82)		14		(14)
Origination and reversal of tax losses carried forward	468		26		(36)
Increase in tax rate	—		(25)		—
Sub-total	386		16		(50)
Total income tax expenses (benefits)	¥	873	¥	991	¥	958

Disclosure of reconciliation of accounting profit multiplied by applicable tax rates and average effective tax rate

Reconciliation between the statutory effective tax rate and the effective tax rate in the consolidated statements of profit or loss and other comprehensive income is as follows:


%	For the fiscal year ended March 31,
	2024		2025(2)		2026(3)
Statutory effective tax rate	30.6	%	25.8	%	25.8	%
Permanent difference	—	%	(26.5)	%	(101.3)	%
Tax rate differences with Coincheck Parent	—	%	(1.3)	%	(22.6)	%
Current-year losses for which no deferred tax asset is recognized	—	%	(6.0)	%	(26.0)	%
Tax credit	0.1	%	0.7	%	13.0	%
Others(1)	—	%	(0.1)	%	1.5	%
Effective tax rate	30.7	%	(7.4)	%	(109.6)	%

____________

(1) For the year ended March 31, 2026, others mainly consist of income tax benefit arising form the derecognition of an income tax payable assumed in connection with Reverse Recapitalization.

(2) For the year ended March 31, 2025, the income tax expense differs from the statutory rate of 25.8% primarily because of the listing expense and professional fees related to the Reverse Recapitalization that were recorded on the Company’s books.

(3) For the year ended March 31, 2026, the income tax expense differs from the applicable statutory rate primarily due to non-deductible permanent differences at Coincheck Parent, including share-based payments, professional fees, and external audit fees. Additionally, Coincheck Parent and Aplo recognizing a loss before income taxes, which was not recognized as a deferred tax asset due to the fact that sufficient future taxable profits are not expected. The applicable statutory rate is 25.8% for Coincheck Parent and 25% for Aplo.