Rakuten Group, Inc. · TSE:4755
Rakuten — Q1 2025 Earnings Presentation
70 slides from Rakuten's earnings presentation, May 14, 2025
Slide 1: 2025年度第1四半期 決算説明会
20257 HF 1 WEARS MAS (Et) FLY F—YaveR 2025%5A148 RR I— TRASH
Slide 2: Key Topics / Agenda
KEYI2 Bh svu- Ey e7xy hale *TYI-RYbY-ERZLTIAYVE *IHYFYIEIAVE “ENTIETIAYVE El ae PA al \~
Slide 3: 1. Summary
1. 3VU—
Slide 4: Consolidated Non-GAAP EBITDA
RAEN IH) AEREHR< EBITDA erm Q1/25 HEBER < pe EBITDA “ Ae 1G 6730 2025SF is RAEBITDA i FF(BIC MT CHE -25,767 Q1v/20 Q1/21 Qv/22 Q1/23 Qv/24 Qv25 R
Slide 5: Q1 highlights by segment
RRI -TFORMRRE TF Ib ENF ISSHX | VO—INPSEMRA!| Al KUTFIL20 Bra—¥—O7 VIVE BAY —E AAAI & ANRL-Yayv/V—-IFAVI Rain — YF —RiAw RRVY 7 + ——-ORM / D341 PY b BMH20% UP Lb Lt Lb | RALAIVAT Lik amt ABBA x AY —EARXLTV im! RR Ib—-FOBAMLEWZ= FIVE L CHROME UI-YOMUe Bis \~
Slide 6: Rakuten Group membership and ecosystem
RRENTIWICKSELIYVAT LOGHERUEREA B PKRLIVATACSIISRAENT | BHOSMSBACI. ENT I BHSRRC LEMMLIYATFLI-¥—-Bh SIM LTH, LAYATF LOBE - KFAMOMACSS BRLAVYVAFLMAV'ICSIIS RENT RBH BRC LE RRENA DRH1I-Y-ReBs PMLIYATLI—-Y¥—BBA Gas.-z2) (ett: F) 13.7% 11.9% 10.6% 233A 243A 253A Q1/23 Q1/24 Qv/25 *AMP IF 4 7A—T—, SARIS P
Slide 7: Rakuten Group AI and CRM
AIXH [RRATIV-TF] ~ B SHUsleM@eAleaHl [hU7Ib20] Site HB 13,000,AULORRAS BRHICHAMITERALY KUFIL20 A W754 TME 20% ANL—-—YVsayAMe 20%18 DS4 Py hme 7 30% —Jb [Rakuten Al for Rakutenians] @B#iHIC#A 16,000+ Rakuten Al for Rakutenians 4) DAZI LAIR =<} @20 = gon CA D-F4yF AVFYY = F-IB MER = DUIAT17 CRM TERR F
Slide 8: Q1/25 consolidated revenue
Q1/25 fase De wens 55 1 OHA ra 562.7 ch 3 [= fs | I RRS SRICRAD— ED, SALAS BS RICRAI IONE BS] TYVI-AYbEY-EACS, BAMHBE POICHAEC, Rakuten Kobo@ Hic #ABSRNENENY RATAN LERHORAUEMIC KUBWA < BR Q1/24 Q1/25 M4 I-RYRY-EALIXYA BDAYTYIIXYh MENTE TXYb BeBe
Slide 9: Q1/25 consolidated Non-GAAP operating income
Q1/25 iB#Non-GAAPE Flt +2518 7 oo SeTxVk pin (EIN DISH RMN) +25.8% RAEN IVOWWMICK SIAR. ‘BOSE RIAL : RAIMI, RANA XY HOAMMERS € ARCANE : -0.3 -25.4 Q1/24 Q1/25 MAY I-RYAY-ERLIAYA BIAYFYILIAIE BENT TXYb mene 9Q3/24~ ENF WIA AF LARBE LT XY hI RAR LIET EICHLY, QU 23D T XY b RIC MRISE IB, R
Slide 10: Q1/25 consolidated EBITDA
Q1/25 if EBITDA™ +51.4% "= os BZEBITDA 799{8F3 JFEREBITDAS 198HAORF Q1/24 Q1/25 M4 YI-RYRY-EALTIXYA BDAYFYILIXIb BEATE TXIb BeBe “1: EBITDAISNon-GAAPESFES (CMDR GEIL THM, 42: Q3/24~ EN LILY AT LAMBS CT XY PIBICRIR LET LICH, QU23UIBO ET XY hBICMRISIE ERI, R 10
Slide 11: Q1/25 results by segment
20258 Nie iz BE YIOOF ERE OSMISHESLOON, Him CHRRBOUBESEL Rakuten Rakuten Mobile i244Non-GAAP KEIN IH) Silt EBITDA Sib jeAAR+ib QITIsaiSF RIRALE QICIS HIS RAALL207BAMEO-65(e5. 2518 ANEO-3 HERERER<K c1HHORF 1
Slide 12: Business trends
MEM AIC OWT B RALIVATLEMC LEBEL. GAGRICHREINC< <<. BRORVEY IO COBURRE it B BESSY IOOFERE OSRSMESEOO, SFE Clem LAMBERT CBRE BA, KEORAGDPRRSCRAOTLAMRBORS +25% +20% +15% +10% +5% R -10% 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 — ———E Y-Vy eS yay7 aoF7
Slide 13: 2. Segments
2. CAIXV bh
Slide 14: Internet Services
TYI-AYRV-ERLIXVE 14
Slide 15: Internet Services: Q1/25 results
TYI-AZAYRV—-ERZLIAVE : Q1/25 RANTS m BIMEC. 179-73 37 I ARPISEIC HMRI = BAECS, RAPBSOIPCVYAAORBRMRLANAS. TYI-FVYV AS IABP. PEF OZ CRT LEA 5 —-BFSH YU —J—ORAGREIC Fk SRakuten KoboOM WA BIRR FAS] 5e_EUNS Non-GAAP Billi +6.9% +25.8% BOSERIRALE Bu SERBALE 3,055 132m *Q3/24~ ENF PLIY AF LARME CT XY bRMIC
Slide 16: Internet Services: Q1/25 KPIs
TYI-AYRV—-ERZCIAYVE : Q1/25 SBKPI EIAIEC Tae" +3.0% BOSFRIRALE 1.4965 HENS OSE KoeECEICES BARES *eSRLERG > 4.4% aia © RAS IRR®? +18.5% 0 RRRKIANIL BAB ARRE * + 48.1 20198FxH tt fo BeBe Fo Lit +5.6% Buse RABE 548en TYI-FYAFIBPT® FeLi +2.17% BOSE IAAL 4.318 EL W25~4 YI-AYKH-EALTXYAADSBRICIUTUETIXY LAT
Slide 17: Initiatives from Q1 to March 2025
20253A29HKY,. AVY—-AZRaV—TF AYIA AY NI lSHe AT BHR Be Att AY-28&Y-I FAT | AV-2aVv-7F1YT S DYNI-TFLYFYE DYNI-YIPIPIA d . FLYFYb LAVYAFLEBALE, SSOBSRREAC. RMON ASI—-¥— - JST PY ERAOMEEGLE > EMECHERE 10ANebs ¢ [RENT CORSE (MPREORR. SFBEh he VLMSRBUAS) ¢ BRAROC SESE MAN COMERAL, Babe LST YUNG RRS) ° AEA
Slide 18: Ecommerce: Q1/25 results
BIAIEC : Q1/253848 B WASROGRERRICRAM. BRU—-N\1 9S 3 yeCVPECOMBRMMRA. SS. PENS SSHES RCC SSRRREY, AB + SRSCLSIMTPLERROF » ve BESSREISC+4.4%38 BM RRRBEVAACHWTS. MRBR. BR24. BRIYT72. Rakuten FashionMiaMe it A5| mE (HF) Fe Line" (+f) Non-GAAP seAlat” (-++12F9) Marey%2 33558" SeLnieg +4.4% MaEBRED 22 . +
Slide 19: Travel: Q1/25 topics
RAM: QU/25 EVA AZPyYIF—k Mi QI/2515 A 28 « SENECA B LIYATLeRALEMSBERUNARAC. REBORN SEbICkSI—Y—- 7577 PROM LCE VS SKE RABRLASHS BRENT Ibe OMSIAe AB SRO IE Ala QV/25 AMP IF 17 1—-F-(c5HS Rakutensia2Badie (247A Rite) BSANKL—-YavicssSS7OLA BRE WAHAORS" SANGER CEM OR LARC SEN? ay 7 N 1 5 e 4x 21 e Apt .
Slide 20: Travel: Q1/25 topics
RRAKINID: QU25 EVARPy IF — B BABS. Y—Ty KERORINCWAR DRO ICHS—A. LAO 7 OTR EAISIS US B TYNE. Y-TYb YIP SAL, EREKRERR. SRSMEMELO A BaOM iE. JU-NIVOTA'E L CHES BREA BST FE KINIVOFO—-NIGT hidHESEH. 4 YINY y KRIS DEBORA CORAM + 3 6 Oo% —EOBRERE TERRA e (e] Japan Quality Dy sth BU<Ele)BALE BINGITE TYUNGY
Slide 21: Internet Services: other, Q1/25 results
TYI-FYA ATIVE > Q1/255R8 @ Rakuten Rewardsit, KHRPROV—774 VISE LY FICS HBORILER ISH BE —AC. MAD —imARO MATE As Rakuten Kobo?, Bese EA eH > Rakuten ViberMBRICBS FLW (BAKE ID) Non-GAAP##Se#llz# (G7 KIL) ore a $5 Semxn EU + m EU ye ne -yyae-2 2.7% m4A-FYAV-AZ el 418.3 429.5 373.9 -43.9 Q1/23 Q1v/24 Q1/
Slide 22: Internet Services: initiatives
MEBRBEBICDWT (1 YVI—AyY KV—-ER) M BAOMIRREC, S-EAZMANSEt COHEN, SLAFORAHMSHTRL TCS BM SABRICSWUTS. KHMX 1 Vie &SRakuten Rewardstl—¥—-OBRRUIS1T PY KEROV—7 F4YTRRASORS SAAS Q1/25 (1~-3A) BB Etcoze SeMECNSS ABIL Biz: RBEL soe - sep HE: Bel oe ea deel Ceeten ete neieta A :H 1 Lo k ire E: uy : FPA OIE WE
Slide 23: Fintech
Dr yFyvIeEFAVh
Slide 24: Fintech: Q1/25 results
Da yvFyIuePXVk : Q1/25 SANASTk MB RAMIPRAD—KeEHOC, BAGG Me RAMTPRANT AY KOMSCHEY, SlSMEAMGERE RH 5e_EUNS Non-GAAP Slim +1 5 e 6% + 21 1% BUF Ia RALE BUF Ia RALE 2,2366R 4396R *Q3/24~ ENF PLIY AF LARME CT XY bRMICRRLEC LICH, QV23EOLT XY b ICME SEB. R 24
Slide 25: Fintech: Q1/25 KPIs
ItyFyIeIXVE : Q1/25 EBKPI © © © RRA-—K RMT RMT YayvetvIRRhs sO BE" AisSiiS +12.8% +10.4% +8.8% BUSFIRALE BSF RAL BUSEIRALE 6.3% 1,6835 11.458 @ ® © RRL RRS RRL #8082" NISADEESX* wUBE +13.1% +2203% +22.4% BSF RAL BUF RAL BUF RAL 6365 36.0% 1,2345 25
Slide 26: Fintech initiatives
2025%3A29BEY. Dr VF YIFW—TFAYNXO—lsFnelle pa R— Dt VFYITIW-F DYNI-YIPIPIA FLYFYb BH i—s DtYFIIIN-F . DIN=-FLIFYB a [A— BRAS EHO VICLERE] 5 [74 YF» JEHOMERBRERALRMERE] SHETSCCT TH5BSIVYT yy WEAR SHK o ALERIC ES Satd —CAORMIFE - GLE - HIE ° Sav -EC AOR = YT Y—ORIE 26
Slide 27: Rakuten Card
RANK MRSwisbA. RAP OPASRAKMT CHM EB RRRORAD HE LIANICAM. HULA ES SABA LEEOD, TI-FAACD+E ¢~yYAPIbD Mish. AAMSAAOBIS BRO TMA KSENC. TLYy KYAT SH YavevIBRs (JkF) Non-GAAP#2##llt (+faF9) #RA—-KOMEAF—L +12 8% -5.4% Ivy» hvA— Kite aera ' AOS PLL wa M Rakuten Rakuten Card —) SERGI aEnz RATS ALAS HAls LOS Z
Slide 28: Rakuten Securities
RANI AY A: RFK. RENT ZADICRRARTEOMAS BE RRSORAMERICSSL. SRRFMIEA BB SEDSRANIT TY Chemin Sie. RICRRICMAT SiR] Sal Non-GAAP#2##lla# (++) BRNAIP TU CORBI (25 5th~) +133.2% Ba RRIA ORR eH BUS RALE + = Q1V/23 Qv/24 Qv25 BRA XY MARSH, RKEdyA SOSH, R 28
Slide 29: Rakuten Bank
KT jE) : INI 57 bk" (BASS. ZAMIR) B OBS - Shao th. BAAEORs Lit CHROBRBAMSIS LITRUM—hItVAOMBICEY BAMGMAS <CRL. CIXY hAROMAICAS < BR re Ale JER AME? O te ROE® (2025453 HA. 48) (2025431. 48) (2025435. i848) (20254385, 348) 184.5+05|) 71.5+08 | 30.0. 18.0. +33.7% BUS RALE +47.8% Bite RALG -7.9pts BUT RA
Slide 30: Rakuten Insurance
RAGS : PSSEOMAM REL BASIN MMR B SiH CRSBROUACMRMBBOSHCIC SU BARRING e IRL. Mea a BOER TY ROM T 1 UT 4 REVERIE L241 SOMBIE. SOREN CISTI D YAI8Y @SO02 (4) BRFle (HEA - BASH) ARM +8.7% aera 7.5 Qv/24 Q2/24 Q3/24 Q4/24 Qv/25 Q1/23 Qv/24 Qv/25 “RAD VIET R 30
Slide 31: Other fintech topics
(RRB : HECSD CE BAF yp RIVOSSESRIEN B SHRI CORREA. LAYATLESALEMEF yp 4I) (020°) OB RBH eit B HSARRCS1YI—-Zy MEH COMPRAR. BAARTE L MEE OL MARL ORC FU RFD. Semicon) THRESH) CLVRKONSEHS RAH RES (HEA) SRA RIES (+1) 20258 157153 RAE © LIYATLDYSO BS ASHE + WHF vy RIVOS5SBSSRE RAIA 1.5 13 0.6 + BRPRROCSESO
Slide 32: Fintech synergies
HMABRBSICOWT (F474 Fy7) BE Y—-7y MAROSRIC KS BRBS - BRBSHE\ORSSHOTEM. ILVy LUZTOMILEEtcesns B ABS - MPARBROVIF XY bP REI NISHA CSVSRAPRUBSICKS Q1/25 (1-3A) BB Et cone SRMECNRSRRRIE WERE : BROMLIFESALICES SRAAOMEe SKA—K AGMe: BwEL Haim: ARO RRNA AYA FEL/HER : RABEL FEL/HER : RABEL ALA ‘ BREMOER: 55 R
Slide 33: Mobile
ENT IVEAIXYVE
Slide 34: Mobile: Q1/25 results
ENTIVEAIXYVE : QIU/25RNTST bk B RATN1 WSRHSARVUERARPULFICHL. ase CAMICBARS BM RRYYI4=—lk, AT VRBA\OMAIT SYIRESCHMME. T59 KRUOSSSRE POC MRA MIH 5c_LiN it +10.9% ANSE RUBLE 1,107@A Non-GAAP BAe +143 en ASEAN - 51365 BEARER < EBITDA” +1645 CSS wing 189 BERBERS EBITDA BIEL IGSRAMBO-6518A *1: Q3/24~ EN 4
Slide 35: Rakuten Mobile
Rakuten Mobile
Slide 36: Rakuten Mobile: Q1/25 results
RAEN IV > Q1/25Ris B BREE < EBITDAN—2CO+RRFILZIER. 2025S EBITDARFILE Bias B RRAORACHSMERSMEAASRUEPMCE (FLY—-77 4974" 4y270-) I$ SOR 160RAICBz FELINE (HER) Non-GAAP 3e#llit? (+18) EBITDA?“ UPMCF” (+8) atv/24 aves BEMEHE< \—-2T +40.7% eR } 1025nnRF / 87 i 82 : B 68 15 B 62 Ps oie 13 9 A _ 48 s : ee +2
Slide 37: Rakuten Mobile strategy
RAEN IDISRMEIC EY. MeHG2AY hI—-ORE BAA ORE BH 2Yb9-7OHSO SHE BRIE FIOFPLFIAVUT RES ALZAWERY bI—-7BAORMET BRbL. mee AAI BEOARAMIL/MESEIZOLS ep ee ey alll Bing PRR TY TC ARR a APRYKT-FD fyvI-Avyb
Slide 38: Rakuten Mobile EBITDA trend
4Y hIT—TWREEICK SAT SELYEBITDAY—DyY HM QI/25TEBITDAY—YUIEFIARIY sic. BAlS—-EKE STE TH YW. SRORHMIBICAHL, BRLUNbDy DOS SICH MMN+ENTLIIYATLBR BW WHBABIR< Ay hI-JIAK (RIL RZRY KI—-TED5 CHS - BBEAERRU WDM <SGRA See a ZOWEE A—hA-DavickSMERBW (Har) BRELNDy Ves FEeRE matt —— nn -SG&AIE~ EPA bo-S7)b “a i _-
Slide 39: Rakuten Mobile: Q1/25 KPIs
BEEN IL > Q1/25 EBKPI & ARPU* (a1/25) 8635 1.56% 2.8275 © 22nbea" HEEMNOMHE? (20258331818) (a1/25) MNOY—EZE +31.9% (SAF) BSF IRAE 47,687] Q1/23 Q2/23 Q3/23 Q4/23 Q1/24 Q2/24 Q3/24 Q4/24 Qv/25 1: BCPSERESEMNO, MVNERUMVNOD SSH. BCPE ls, B2BICdSLYTBusiness Continuity PlanHRICMRELTUSTSY. 42: Q3/2445 3K
Slide 40: MNO subscribers
MNOMBSIs. 305 Bik /OFHN\—-2N5 Seles BEST 8 HFAMe LSMERER. —h. SRRCORHELAICEURHAON (MM) Q4/231¢ B2BER SiC feb (Fe) —SB2BHRe BCPSEMRA BELRES 427 ~ a Q1/23 Q2/23 Q3/23 Q4/23 Q1v/24 Q2/24 Q3/24 Q4/24 QVv25 SHABRITSU THLE LAROBBICHBCPROBABE LED R 40
Slide 41: Growth rates
+16.9% +43.4% +38.1% +15.6% +22.3% 41
Slide 42: Subscriber trends
B HITS UMECFSHRORHELA CHUB Le L. SOHO LASS RICHS EO B RR TICFURHRISRILE RAG : Buys: thet 7 Sy Baie Rakuten aaa eee Hebe) SGHT a < PEL VB GEEIIC BRE mitt ba seni 2.10% Q1/23 Q2/23 Q3/23 Q4/23 Q1v/24 Q2/24 Q3/24 Q4/24 Qv25 *B2CICH TRY EACH L EORB RU RABRICSIT SLE LAROBBICHBCPEORMABE E 2 > KOREA ERE R
Slide 43: MNP trends
MNPSiih KL > KE B RUBOHHTS DMECFSRE-HNCROELAEACRORtOOREISEM. 2F3AORMSLAIS. SHEARUSS + U7 ORNS p YN—YIEICEAL TS. RR T ICAU RURILE BAG B HC, T56SMS(CA Tis MAALe FORMA BE CHS CBR SH2a+ {hehe 4p YN AD 5 tht +p UP AO MNP C#t Bet Att 246A 245°7A 248A 249R 2410R 2411 24912 251A 252A 25%3A 254A *MNPICA SHEE
Slide 44: Customer satisfaction and network quality
(Smo RBI lt eh ae e HE M 2025%A1210,000+ a ‘OBESE ZHH BO CNITEY, ANDY Vh—WOAGBIME WAS CHIC, ADKPLY PICS SBME + + " (4G+5GEAES) Ti+a VOC? #4 9.45 ues ANLY SHRI Blink » FeNyT4 Sate s PRE ZAHA Miss Q1/20 QVv/21 Qv/22 Q1V/23 Q1v/24 Qv25 “1: 4GES5GDBEt. *2 : VOC=Voice of customer R 44
Slide 45: Roaming airline partners
25947. HAO-SYIAZI—-b M 18H OR CENA - ENR L CHRE IV NAAT BEC Biman Bangladesh Aer Lingus Asiana Airlines Airlines Cathay Pacific EgyptAir Emirates Airline Etihad Airways EVA Air ITA Airways Kuwait Airways Lufthansa Malaysia Airlines SAS Scandinavian . sat Airlines Singapore Airlines SWISS ea ~~ Tap A
Slide 46: AST SpaceMobile direct-to-cell
AST SpaceMobile : 202544. BARN TOMRICRD HM 20267RE TICHCORORARMSHIS LTH. 2026734048 COBNY—-EAZMREBES H AST SpaceMobilent —EZIS BA CISREIN 1 ILO" Rakuten fb fz1ce ER S#t P y > ie 64 4 mi 6368 2 Ws ° 7 J 6.2ni UIA (Block 2i¢ 22.530) 20245 1B WY FEAZRKAYVR—-Y FFARKAYVL—-Y Hey | | FTE « SBE 7 — Fits EYE
Slide 47: Video: satellite connection
Rakuten pei fatee O-EA Powered by AST SpaceMobile , —— 9 a _\ VIDEO We are connected like this right now in real time, while the other side is connected via satellite. th T ch tk
Slide 48: Rakuten Mobile strategy
MSc C Alt T B BSRAONSCEOBRAMACMAT. SHSF + IVR IRICEN BM 4931 YO4AI51 VM CORE CHaN—A2mNZHS BMRRIO75L. BHBSTOTS LS. mits - tHtHOFO7 5 LR 2024FETO 8. NI PSWY—TF 4 YT ECR © exe TIy2Fh1-4—M MSIE . PB EhHe LEE SORE ~ 202455 RO + SRR KSA DSA YF vy RIVE ° VIF ¢VIBAROMMBO-ASIA M 20-40 AYI1 VER CORSE M SaROC
Slide 49: Rakuten Mobile traffic and coverage
Yav7x iti CRBZON—-2Z2Py FTES BE RRBOADICHT SRAENT LORHWSRS25F3A Ri C8% B Yay Txt t,. SHORBZON-AZ2PyFeRAISCCC. RHSAOMAMEZE BET 9.0% 8.0% MPPSBICHU TSS 5S Yay Ox Hees 7.0% mae? »y Te Bes R-2P7 6.0% 4.0% 3.0% 2.0% 1.0% 0.0% *MEMRA CS BHMSFIAIBREERBAGRICRS< ADE RUTH, RAE IPR DRMIS25F3A Am. 49
Slide 50: Subscriber numbers
2,812 2,821 2,801 2,857 2,827 800 762 746 749 845 35 36 91 56 37 194 193 200 201 195 91 88 84 83 84 1,708 1,719 1,732 1,737 1,651 50
Slide 51: MVNO / MVNE
ENT WVERCLEBSSOYVID—AMICMITE 7 IL— TAR e See B ABBICLY. TEMACANL—YaryMAbLete Rakuten Mobile 252F2A WINS 254F Beane RENT IVDXERCAED BRISANT—-YayvAN YID—BAIE YY a-—YaVitvPVvTIe JOAZA—ZAiKie BABRICMYUIAAP vy TIDE | | Rakuten Rakuten Energy i Communications ENT IF —TBBI-EA (BRE IVGDRE AU EMVNO - MVNEH—E
Slide 52: Notes
*1 2025 *2 Unified Communications as a Service 52
Slide 53: Rakuten Symphony
Rakuten Symphony
Slide 54: Rakuten Symphony: Q1/25 topics
BRY YI 4 —— Q1/25 BREW MB OMEIC1ZH eC OSHS ts B 9CON-—ht—Yy Tes - HL. SROBBY Va—-Ya Ree MME (PoC) IDSA FEAF Veon Kyivstar FWIL: TIP Ht CM Tellcom (RAN) (RAN) i ink —ClassNK (Oss) (CPaaS) (Rakuten Maritime) © 4 Bankai MICRO CLOUD Infotech etc: (CPaas) (CPaas) MN—-KI—Y» Te (HL) PILOpen RAND Te YY YITF
Slide 55: Rakuten Symphony results
MABRABICDUT (EIN IL) B iz. HEAONICSWCTEBRNSRSEL. SROKRETH Q1/25 (1~3A) we Ettone SMES NGS ARE AE: HUGO LRCES we: REEL HM : WALEED CREEL. SHES 2 b Eeariete BREAN e seme coe REE ARZOSERAL HG: RS io . arene. Ba. i es CiSBLA ial RENEE) REI I ADMBICS HE : ECL . _ BE: KEY SOMES < BEL 8: BERL RRYY I 4 =— G
Slide 56: 3. Others
3. AA
Slide 57: Financial position and liquidity
Faas PROS BE FARRMBESYIOMROHCEH. S|eHEMMOMBAR - WERT HHS B KRISEBWLIIt. MBEBBICOWUTERKEBISEL Fst RELLMBBROMEC BUIGAERTIC SPRL SHILS y bOMRNSNE =e BY PHNSMBES Hse Bias Eid IP BRO MNS says . " . al; BUF ARON BR | - Sttivewete 12 hale MISE | emivemEarsya—Loay ro-1 FEMS RMANT AIA */3SatS Non-GAAP EBITDA
Slide 58: Financing and refinancing
ttt B ZiGASHEFRICEY, BEOMIT (UT 1 (CORRCM. REHGHMRBZESEA MB 2026%4A(CMHI—-BeMAS RIVBCKASBAICOWTIS. MHI—)DA CORRS e HGS Set 2025F IC HHA FIX I SHAS Sala 2026S ICMP PRS SAISFAA . » N mFsBe fy SHRGHEFE 2025F Ica et MASLS TOMO HRAS O ENT IEEE 7I—-TFACFORR (NIT FUY KBOUAPLIZXAY KREBS) o HWS / seta. HB CH
Slide 59: Major shareholders
JO-NIVIOBARBAEORE (iB) BZA: 7D Py KRIBICHSAZALY Kee, N-2RAPLALE CULTS. SHORES MA B AS: BFRCAILEAR CHAS SA CHARA y SEMEL CUSEOTA - SAISHEAY. KEL. BSRARBME SEAT SNSYAZY—hAOREIEH Fa % 65.591% 3.161% ATL» FRNA. 1 0.298% 0.825% 0 24545 247A 247108 25910 25945 —— AAS RNB (41) ——B3O RAT ))— TRASH HA MARA A
Slide 60: AI
\~ . Al
Slide 61: AI-nization
ERICHIFS Al-nization Fay Vision ADATCAMOBIENESHS HAD toys OpenAl Eadie WEAO A LEO +) AYFFAr JIN Rakuten Rakuten A=—-Te AVIATV+AIIATY F-IPCEYb FryuRsb oO—-k Par Ea | 7 r F4—-7 pseralt vy 57-lVYTBER Rakuten Al #D < AUBUEEIE. AYRUETFILE | RROEHD [Wath —IbI 354 Bes alt Rakuten Al 61
Slide 62: Rakuten AI product lineup
/CPC Rakuten AI for Rakutenians Rakuten AI for Business Rakuten Analytics A/B Rakuten AI 2.0 & 2.0 mini Rakuten AI Assistant Snap & Ask Rakuten Analytics Rakuten AI for Rakutenians Rakuten AI 62
Slide 63: Marketing with AI
CYYT 1 Y FRR > BIO FHMORAMBRREHGMSA 2HME B RAMAZCSI SRREHGMSIS, AVEC FY ASFRALEI1O.7% 1801 + 2024571 : KAMBICIEHAACTO CVU FT 1 Y TiRRERR + 20246A : EMRUBHOT—IICKLSKL-LYIT, 410.7% UVF 49 JEFWERS AUSERIBALL + 202489R : Yay TAORRERICSITSINT TU y KRRE RR +-TI-RRRCUVUT 1 TRRO MUCkoRRABOLICSS AU U—-A2PE R
Slide 64: Rakuten Ichiba AI and ecommerce
BRIOE—YVavI7sy kI74—-—LeBCKEGEAOAIRM B AIPWIVALOWSCEY, DEERVRROMAEML LF RATFTOE-—YVav7Fsyka4z—h F-9-K/DU y QL AIA YF —Y 3 VRE Ths +—T-KERMGAMBEERISCEC : UT DF — 9 FAWT WS Sal kORRESAOMMERESAlC YTB HS, EVUMEOAL BR eet PRIRETUy 7H PRU ILA SEY GSL BUSEIR)RALL +13.7% BUSFIIRALL +5.9% R 64
Slide 65: Rakuten AI for Rakutenians
Rakuten Al for Rakutenians BM V—-F9F1YI, ANLD-VYay, B-IWA, LYVYVIPVYISSC. FER CMRHZOE 16,000n: ~80% CNE TleRakuten AIA THEME NEALZT LALY—Ib > FYFL— bE AISBALEYI hr PHT. 13, 000A EO HEA ARakuten Al SHA Rm U-2e COMMS (O = All ESRB aX Y MERE ) = D-F4yF AyFVY F-INH = MRM TUTAT17 crm AUITESYVIRIIP TORI S
Slide 66: Rakuten AI 2.0 LLM and 2.0 mini
Bist FIL: Rakuten Al 2.0 LLM &2.0 Mini ®¥A-PFYEFILE L CTHRADTBEIC a BthEO RHEE T ILA. FRGRA (2o2se2A128) TORMMIROLLM Cis LNILOBANI 4 -VU ASS RAKUTEN Al 2.0 8x7B RAKUTEN AI 2.0 MINI1.5B MIXTURE OF EXPERTSLLM SLM (MaIREEBE FIL) 3015 OF AL-Yavenks—Ivyb RY KI-ILY Y COREE NBT KFA BOSE OMRBAZ h1d2. SORE C
Slide 67: Rakuten AI Assistant: Snap & Ask
Rakuten Al Assistant: [Snap & Ask] #88 B BMP Y77T—hKICEY, ALZZALEBRRRM. BROMASSSICH LISAOREIC A771: SRSY Xia, Bik, Bas. SUC BED SHR AFITF2: AllcH< v BER HSOSEBM CTA b SBRFICHR ° HAGRAe MICOS & B< saw MROMREBRL. LEa-eRRL. AYSTY CHA S tocKATS RICBSERBNYMO BE (FU, CCOCHREESON. CSBSAMEHR Rakuten Al Assi
Slide 68: Rakuten AI initiatives
Yko SORE : RAMH<K. L-Yry KBAIDRR B RMOKLYURCRMBMEEML., RALIVATAICMDSZ2TOBR. ME. N—KI—-MAIZLYU FRI, EVRA. FCLTKUMICBACE SREB ABZCAIZ— fa = (Eité ABePIICHBAGN 5S. ANITES SPRNCEBEGLERETSY—Ibe Y-CAZOHRe BT @ FHERAINORA MENT -ICRA1 YAMBA L, DIT PYEE-MHBEORRERO RBEARIS, TIZREO AL-YrV hee © AllD FS iHiBEEO
Slide 69: Rakuten
Rakuten
Slide 70: Notes and disclaimer
ABAICTMONKEBAP PAG CISA ERE RR COMAOHE CHU, CORRO IEIES REET SOO TLGVECA. EARGBRAOBILICK, RRORMPRRC ISAS < RESTREDHSCEECTRC ESL. MHPCHMOAHA, RMBSSHOSRBRECSBRCST.