Rakuten Group, Inc. · TSE:4755
Rakuten — Q1 2026 Earnings Presentation
65 slides from Rakuten's earnings presentation, May 14, 2026
Slide 1: FY2026 First Quarter Consolidated Financial Results
FY2026 First Quarter Consolidated Financial Results May 14, 2026 Rakuten Group, Inc.
Slide 2: Agenda
Agenda 1 Summary 2 Ecosystem 3 Segment Results ・Internet Services Segment ・FinTech Segment ・Mobile Segment 4 Finance 5 AI 2
Slide 3: 1. Summary
1. Summary 3
Slide 4: Q1/26 Consolidated Revenue
Q1/26 Consolidated Revenue +14.4% YoY (JPY bn) 643.6 562.7 +18.5% YoY 131.2 Record high for a Q1 110.7 223.6 +23.1% YoY 275.3 JPY 643.6 bn Revenue growth driven by +4.0% Internet Services: expanding whilst 305.5 317.6 YoY optimizing the business portfolio, FinTech: Increased GTV in each business, -7
Slide 5: Q1/26 Consolidated EBITDA
*1*2 Q1/26 Consolidated EBITDA +36.2% YoY (JPY bn) 108.8 79.9 1.0 2.1 Consolidated EBITDA 108.8 bn 3.4 59.9 +26.9% YoY 76.1 JPY Driven by solid growth across all segments, +28.1% 23.1 YoY 29.5 EBITDA exceeded JPY 100 bn for the first time in Q1 -6.5 JPY +7.6 bn since the full-scale entry into the MN
Slide 6: Q1/26 Consolidated Non-GAAP Operating Income
* Q1/26 Consolidated Non-GAAP Operating Income JPY +36.6 bn YoY (JPY bn) 36.3 -0.3 Achieved profit in Q1 +33.8% 43.7 YoY 58.5 for the first time since +65.6% YoY 21.2 entering the MNO 12.8 business JPY +13.3 bn -38.0 -51.3 YoY Achieved profitability in Q1, -5.4 which is seasonally the weakest -5.5 q
Slide 7: 2. Ecosystem
2. Ecosystem 7
Slide 8: Ecosystem
Ecosystem A system where services across multiple domains interact with each other to amplify overall value 8
Slide 9: Rakuten Ecosystem Creates Competitive Advantages
Rakuten Ecosystem Creates Competitive Advantages １ 1 ＜2 １ 1 ＞2 Conglomerate Discount Ecosystem Premium (Dilution of value from diversification) (Amplifying value through collaboration) 9
Slide 10: Sustainable offensive and defensive strategies made possible by Rakuten's unique Ecosystem
Sustainable offensive and defensive strategies made possible by Rakuten’s unique Ecosystem • Over 70 services Platform • Common brand and IDs • 45.9mm MAUs in Japan Data • Broad service portfolio • Years of expertise in fostering user loyalty Strength • A "complete" Ecosystem realized through a deep
Slide 11: Rakuten Ecosystem's Factors that Generate Value
Rakuten Ecosystem’s Factors that Generate Value ① No. of active users ② Cross-use 45.9 mm MAUs in Japan. Powerful ability to acquire new High user engagement leads to customers with multiple touch usage of multiple services points Customer acquisition ③ Lifetime Value (LTV) ④ cost (CAC) *1*2*3 LTV p
Slide 12: Active Users: Strong New Customer Acquisition by Rakuten Ecosystem
① Active Users: Strong New Customer Acquisition by Rakuten Ecosystem ■ Rakuten Ecosystem, operating under a common brand and ID, enables efficient acquisition of new customers New users acquired by Rakuten Ecosystem (Cumulative total over 2020 - 2025) Via Internet Services +19.7 mm Via FinTech +16.1
Slide 13: Cross-Use: Cross-Service Mobility for Rakuten Ecosystem Users
② Cross-Use: Cross-Service Mobility for Rakuten Ecosystem Users ■ Leveraging common ID and data accumulated from users, implementing unique ecosystem strategies honed over many years, such as SPU (Super Point Up Program) After joining Ecosystem, through cross-use Rakuten Ecosystem 4.6x new users (Cu
Slide 14: LTV: Revenue Synergies Above Simply Combining Segments
③ LTV: Revenue Synergies Above Simply Combining Segments Annual revenue per customer using all 3 segments: 13.5x * Revenue Revenue 13.5x 5.4x Users of Users of Users of 1 segment 2 segments 3 segments *FY2025 14
Slide 15: LTV: Rakuten Ecosystem's Strong Customer Loyalty
③ LTV: Rakuten Ecosystem’s Strong Customer Loyalty Rakuten Ecosystem churn rate by no. of services used (Indexed to churn rate for users who only use one service = 100, FY2025) 100 100 Built strong engagement across multiple services which are not easily substitutable Led to reduced churn and maximi
Slide 16: Customer Acquisition Cost: Acquire at Low CAC and Promote High LTV Services
④ Customer Acquisition Cost (CAC): Acquire at Low CAC and Promote High LTV Services Rakuten Ecosystem Arbitrage Model Acquire customers through low-CAC services and upsell to high-LTV services via cross-use CAC Low Upsell LTV High Internet Services FinTech ＋Mobile ＋ Rakuten Point Card Excluding Raku
Slide 17: For Rakuten Ecosystem, AI is Not a Threat, but an Opportunity
For Rakuten Ecosystem, AI is Not a Threat, but an Opportunity to Create Even Greater Value Rakuten ID Strong loyalty to Rakuten Rakuten Ecosystem acts as a protective Points moat against potential substitution by other SPU companies’ AI Abundant data held by Rakuten Ecosystem to drive further value
Slide 18: 3. Segment Results
3. Segment Results 18
Slide 19: Internet Services Segment
Internet Services Segment 19
Slide 20: Internet Services Segment: Q1/26 Financial Highlights
Internet Services Segment: Q1/26 Financial Highlights ■ Revenue growth driven by steady performance in major domestic businesses such as Rakuten Ichiba and the Travel business, as well as content businesses including Rakuten Kobo and Rakuten Viber ■ Significant profit growth achieved through factors
Slide 21: Internet Services Segment: Q1/26 Key KPIs
Internet Services Segment: Q1/26 Key KPIs Domestic EC GMS*1*2*3 Travel Business GTV*4 JPY tn1.5 +16.4% +4.8% YoY YoY International BU*1*5 Advertising Revenue*6 Investment Business IRR Revenue (Total for all segments) +17.8% USD 459 mm JPY 61.9 bn +6.9% +13.0% YoY YoY *1: Retroactive adjustments were
Slide 22: Domestic EC: Growth in Core Businesses and Improvements in Growth Investment Businesses
Domestic EC: Growth in Core Businesses and Improvements in Growth Investment Businesses ■ Strong profit growth from robust GMS and profit growth from Core Businesses and improved losses in Growth Investment Businesses such as logistics ■ Margin improvement expected from advertising revenue growth an
Slide 23: Travel Business: Both Domestic and Global Businesses Maintained High Growth Rates
Travel Business: Both Domestic and Global Businesses Maintained High Growth Rates ■ Inbound demand remains strong. GTV from domestic room bookings also expanded thanks to enhanced promotional efforts ■ Starting in April 2026, users can now search for and book hotels through conversations with Rakute
Slide 24: Growth Investment Businesses: Achieving Continuous Loss Improvement
Growth Investment Businesses: Achieving Continuous Loss Improvement ■ Online supermarket business: losses improving after withdrawal from the Kansai area. Subscription program users also increasing ■ Logistics business: aim to increase cargo volume further by developing merchants with high volume, a
Slide 25: International BU: Profitability Improvement
*1*2 International BU : Profitability Improvement ■ Rewards saw significant YoY profit increase due to the absence of restructuring costs recorded in Q1/25. Viki also performed solidly, driving profit growth ■ Rakuten Group decided in April 2026 to sell or close Rakuten France’s marketplace business
Slide 26: Ad Business Revenue: Double-Digit Growth Driven by AI Utilization
*1 Ad Business Revenue : Double-Digit Growth Driven by AI Utilization. Contributing to Improved Profitability of Domestic EC ■ Advertising business growth accelerated YoY due in part to the rollout of automated optimization of RPP*2 advertising on Rakuten Ichiba (JPY bn) +13.0% YoY +5.6% YoY 61.9 51
Slide 27: Effect of AI-Driven Automated Optimization for RPP
*1 Effect of AI-Driven Automated Optimization for RPP ■ Automated optimization was rolled out for RPP advertising on Rakuten Ichiba starting in July 2025 and was fully implemented across all merchants by November 2025 *2 ■ A before-and-after comparison shows improved ad performance, driving higher m
Slide 28: Strengths of Rakuten's Advertising Business in the AI Era
Strengths of Rakuten’s Advertising Business in the AI Era ■ AI directly learns from deterministic and comprehensive purchase data linked to Rakuten IDs ■ In the AI era, the value of our advertising is not expected to diminish, but rather, we anticipate increased value driven by enhanced targeting pr
Slide 29: FinTech Segment
FinTech Segment 29
Slide 30: FinTech Segment: Q1/26 Financial Highlights
FinTech Segment: Q1/26 Financial Highlights ■ Customer base for each service continues to expand, resulting in significant revenue growth, particularly for Rakuten Bank and Rakuten Card ■ Cost control efforts continue to contribute to increased profits across all businesses, especially for Rakuten S
Slide 31: FinTech Segment: Q1/26 Key KPIs
FinTech Segment: Q1/26 Key KPIs Rakuten Card Rakuten Bank Rakuten Bank Shopping GTV Accounts*1 Deposit Balance*1*2 JPY 6.8 tn 18.07 mm JPY 12.9 tn +8.5% +7.3% +12.9% YoY YoY YoY Rakuten Securities Rakuten Securities Rakuten Securities General Accounts*1 NISA Accounts*1*3 Deposited Assets*1*2 13.87 m
Slide 32: Rakuten Card: Increased Profits by Boosting GTV and Cost Control
Rakuten Card: Increased Profits by Boosting GTV and Cost Control, Offsetting Rising Interest Expenses ■ GTV increased on expansion of the membership base and growth in average transaction value. Revolving credit balance and installment payment GTV also grew steadily, contributing to increased revenu
Slide 33: Rakuten Payment: Continued GTV Expansion Driving Revenue and Profit Growth
Rakuten Payment: Continued GTV Expansion Driving Steady Revenue and Profit Growth ■ Revenue grew steadily as GTV increased on an expanding customer base and partner companies ■ Profit grew thanks to revenue growth and ongoing cost control efforts Revenue*1 (JPY bn) Non-GAAP OI*1*2 (JPY bn) +12.0% +1
Slide 34: Rakuten Bank (Consolidated): Performance Highlights
*1 Rakuten Bank (Consolidated): Performance Highlights (J-GAAP, FY2025*2) ■ Amid rising interest rates, steady growth in deposit balances led to an increase in AUM, contributing to the expansion of interest income ■ Record Jan-Mar profit despite higher investments to expand customer base and other i
Slide 35: Rakuten Securities: Financial Income and Other Revenue Surged
Rakuten Securities: Financial Income and Other Revenue Surged Amid Active Market Conditions ■ Revenue increased on an expanded customer base and strong market conditions. Achieved record high quarterly operating revenue ■ Increased proportion of revenue from sources other than domestic stock trading
Slide 36: Insurance Business: Increased Premiums from Focus Products Drove Profits Higher
Insurance Business: Increased Premiums from Focus Products Drove Profits Higher ■ Life insurance: continued to perform well across all channels: face-to-face, online, and group insurance. Financial income also increased, contributing to higher profits ■ General insurance: decrease in revenue due to
Slide 37: FinTech Business Reorganization
FinTech Business Reorganization ■ Targeting October 2026 effective date; commenced discussions on FinTech business reorganization ■ This reorganization is expected to generate quantifiable synergy effects Backdrop: ① Funding environment shifts driven by policy rate hikes ② AI evolution shifting user
Slide 38: Mobile Segment
Mobile Segment 38
Slide 39: Mobile Segment: Q1/26 Financial Highlights
Mobile Segment: Q1/26 Financial Highlights ■ Both Rakuten Mobile and Rakuten Symphony achieved revenue growth and improved profitability Revenue Non-GAAP EBITDA*1*2 PMCF*3 Operating Income*1 JPY 131.2 bn JPY -38.0 bn JPY 1.0 bn JPY 28.7 bn +18.5% 13.3 bn YoY 7.6 bn YoY +85.7% YoY improvement improve
Slide 40: Mobile Segment: Q1/26 Main KPIs
Mobile Segment: Q1/26 Main KPIs Total Subscribers*1 Adjusted Churn*2 ARPU*3 (As of Mar 2026) （Q1/26） （Q1/26） 10.36 mm 1.57% JPY 2,834 +1.74 mm YoY Q1/25: 1.56% JPY +6 YoY Number of Customers*4 Number of Partners*5 (As of Mar 2026) (As of Mar 2026) 70 customers 21 partners +7 customers QoQ *1: Total
Slide 41: Rakuten Mobile
Rakuten Mobile
Slide 42: Rakuten Mobile: Quarterly Financial Trends
*1*2*3 Rakuten Mobile : Quarterly Financial Trends ■ Revenue increased, driven by a rise in the number of subscribers resulting from successful promotional activities during the peak sales season ■ Operating losses reduced YoY and QoQ, even when accounting for property tax impact Revenue*1 (JPY bn)
Slide 43: Rakuten Mobile Q1/26 EBITDA and PMCF
*1*2*3 *4 *5 Rakuten Mobile Q1/26 EBITDA and PMCF ■ EBITDA, excluding property tax, improved by JPY 6.6 bn YoY, resulting in a profit of JPY 6.6bn. However, due to ongoing upfront investments in marketing expenses aimed at further expanding the customer base, which is a strategy continued from last
Slide 44: Net Increase in MNO Subscribers: Achieved Higher Growth YoY
Net Increase in MNO Subscribers: Achieved Higher Growth YoY ■ For B2C, revised fees for multi-line subscribers and identity verification methods, and whilst focusing on acquiring high-quality users, achieved a higher number of activations YoY ■ While the absolute churn increased with the rise in new
Slide 45: MNO Churn: Efforts to Curb Short-Term Churn Proved Successful
MNO Churn: Efforts to Curb Short-Term Churn Proved Successful ■ Q1/26 adjusted churn increased slightly YoY, but an improvement was seen in April ■ Introduction of contract processing fee for 5 or more lines in Nov-25, along with stricter identity verification rules, has been effective in curbing ca
Slide 46: Rakuten Mobile Ranked No. 1 in Both Retention Intent and Switching Consideration
Rakuten Mobile Ranked No. 1 in Both Retention Intent and Switching Consideration Intention to continue Most considered mobile service using current mobile service for switching Rakuten Rakuten 楽天モバイル Mobile 76.4％ 楽天モバイル Mobile 23.7％ (n = number of respondents per mobile service. Rakuten Mobile: n=3,
Slide 47: MNO ARPU: Aiming to Increase ARPU by Boosting Sales of Options
*1 MNO ARPU : Aiming to Increase ARPU by Boosting Sales of Options ■ Options ARPU and Others ARPU continued to grow steadily ■ Data ARPU declined due to two technical factors: subscriber mix change from strong B2B additions in Q4/25, and a transitory denominator timing effect from accelerated B2C ac
Slide 48: Capex: Plan to Accelerate Spending Through Measures Aimed at Speeding Up Construction
Capex: Plan to Accelerate Spending Through Measures Aimed at Speeding Up Construction ■ Q1 capex: JPY 26.2 bn. Implemented measures since end of 2025 and aim for further acceleration in construction ■ Boosted internal workforce and established closer cooperation with affiliated companies Rakuten mob
Slide 49: Rakuten Symphony
Rakuten Symphony
Slide 50: Rakuten Symphony: Continued Shift to High-Margin Services
Rakuten Symphony: Continued Shift to High-Margin Services ■ Selected by Japan’s METI for overseas pilot project for a large-scale Open RAN / RAN Intelligent Controller in March 2026 ■ Launched Rakuten Symphony Japan in March 2026 to drive expansion of cloud for enterprise and OSS (Operational Suppor
Slide 51: 4. Finance
4. Finance 51
Slide 52: Q1/26 Consolidated Financial Results Summary
Q1/26 Consolidated Financial Results Summary ■ Strong start towards significant increases in both Non-GAAP and IFRS OI in FY2026 Including accrued interest, etc. of （JPY bn) 36.3 approx. JPY 2.4 bn on the USD- -0.4 denominated perpetual subordinated 30.4 bonds redeemed on April 22 -4.5 -1.0 17.4 -12
Slide 53: Financial Strategy
Financial Strategy ■ Continue to maintain the following financial policies and strategies ■ Strive to improve profitability in each business and reduce interest-bearing debt in order to achieve targets for non-FinTech net interest-bearing debt/EBITDA and consolidated equity ratios Policy Build a sta
Slide 54: Non-FinTech Net Interest-Bearing Debt / Non-FinTech EBITDA
*1*2 *3 Non-FinTech Net Interest-Bearing Debt /Non-FinTech EBITDA ■ Aim for Non-FinTech net interest-bearing debt*1*2/Non-FinTech EBITDA*3 to be within 5x by 2027 ■ Aim to reach approx. 6x by the end of 2026. As of Q1/26, the ratio was 5.6x, indicating steady progress 900,000 900,000 800,000 800,000
Slide 55: Funding Policy
Funding Policy ■ USD-denominated perpetual subordinated bonds (USD 750 mm*) were fully redeemed on the first optional redemption date of April 22, 2026 ■ Looking ahead to the redemption of corporate bonds in FY2027, aim to combine various approaches to proactively and flexibly manage our funding nee
Slide 56: Market Reaction to Our Improved Financial Position
Market Reaction to Our Improved Financial Position ■ Market has responded favorably to our efforts to improve financial soundness, and our credit position also continues to improve Spreads on USD-denominated unsecured bonds issued in Even compared to the market index, 2024 narrowed, inverting the sp
Slide 57: 5. AI
5. AI 57
Slide 58: Rakuten Ecosystem Represents an Exceptionally Strong Competitive Advantage
Rakuten Ecosystem Represents an Exceptionally Strong Competitive Advantage Broad customer reach across online and over 10 mm offline touchpoints Vast & deep data A connected ecosystem, trusted + powerful insights by 45.9 mm MAU in Japan from 3+ tn annual interactions* 70+ diverse businesses *"Intera
Slide 59: Why Customers Choose Rakuten, and How AI Compounds That Advantage
Why Customers Choose Rakuten, and How AI Compounds That Advantage ◼ AI accelerates our growth flywheel and builds durable differentiation through data Rakuten AI turns vague ideas into Engage concrete actions that drive ecosystem cross-usage, rewarding relevant actions with Rakuten Points Make every
Slide 60: Rakuten Ecosystem + AI: Durable Competitive Advantage through Value-Creation
Rakuten Ecosystem + AI: Durable Competitive Advantage through Value-Creation ◼ Rakuten Ecosystem creates compounding value through Points, integrated payments, and cross- service personalization — advantages external AI agents cannot replicate ◼ Rakuten AI agents activate this ecosystem depth to del
Slide 61: Disruption in Traditional Search Creates an Opening for Rakuten to Capture Intent Earlier with Agents
Disruption in Traditional Search Creates an Opening for Rakuten to Capture Intent Earlier with Agents ■ Rakuten is built to win with specialized domain agents today; ecosystem-wide super agent tomorrow. Strengthen and Grow the Rakuten Ecosystem Specialized agents embedded Super Agent that helps user
Slide 62: Rakuten AI Model Family: Simultaneously Enhancing Customer Experience and Minimizing Costs
Rakuten AI Model Family: Simultaneously Enhancing Customer Experience and Minimizing Costs Rakuten AI Rakuten AI Language Models Strategy Framework Build the best, partner with the best 7B 2.0 2.0 mini 3.0 *NEW* Collaborations with the best AI companies including Anthropic, OpenAI, Google, Microsoft
Slide 63: AI Agents: Strong Execution Momentum
AI Agents: Strong Execution Momentum ◼ Steady deployment of AI agents across Rakuten Ecosystem AI Agents Already Launched (Rakuten Ichiba) 11 services AI Agents in Pipeline AI Agents (Near-term deployment) Planned for Deployment 8 services 50+ services 63
Slide 64: Rakuten
Rakuten
Slide 65: Forward-looking statements disclaimer
This presentation includes forward-looking statements that reflect management’s current assumptions and expectations of future events, and accordingly, they are inherently susceptible to uncertainties and changes in circumstances and are not guarantees of future performance. Actual results may diffe