Slide 1: FY2025 Third Quarter Consolidated Financial Results
FY2025 Third Quarter Consolidated Financial Results November 13, 2025 Rakuten Group, Inc.
Slide 2: Agenda
Agenda 1 Summary 2 Segment Results ・Internet Services Segment ・FinTech Segment ・Mobile Segment 3 Finance 4 AI 2
Slide 3: 1. Summary
1. Summary 3
Slide 4: Double-digit revenue growth
Q3/25 Consolidated Revenue +10.9% YoY (JPY bn) 628.6 566.7 106.0 +12.0% YoY 118.7 Double-digit 208.2 +20.3% YoY 250.5 revenue growth +11.1% across all segments 314.6 YoY 349.6 Key revenue growth drivers: Domestic EC Core Businesses, -62.1 -90.3 International BU, FinTech, and Mobile Q3/24 Q3/25 Reven
Slide 5: Q3/25 Consolidated Non-GAAP Operating Income
Q3/25 Consolidated Non-GAAP Operating Income +212.8% YoY (JPY bn) 38.6 Strong growth in 12.3 +37.9% 55.2 40.0 YoY 21.2 +14.5% YoY 24.2 Non-GAAP OI Significant growth at FinTech and Mobile, while -48.7 +10.1bn -38.6 YoY Internet Services saw last-minute demand due to a -2.2 change in hometown tax poi
Slide 6: Q3/25 Consolidated EBITDA
Q3/25 Consolidated EBITDA * +28.8% YoY (JPY bn) 118.7 1.7 11.2 92.2 10.7 +16.4bn YoY Quarterly EBITDA 55.7 +29.8% YoY 72.4 Q3 all-time high Full year 2025 EBITDA +8.3% YoY expected to exceed JPY 400 bn 30.9 33.5 -5.2 Q3/24 Q3/25 Non-GAAP EBITDAFY2024Q3 Non-GAAP EBITDAFY2025Q3 ■ Internet Services Seg
Slide 7: Rakuten Mobile, Inc. Number of Subscribers
Rakuten Mobile, Inc. Number of Subscribers Total no. of subscribers* 9.5 mm ■ MNO (incl. MVNE and BCP) ■ MVNO Total no. of subscribers surpassed 9.5 mm Aiming to reach 10 mm subscribers by the end of 2025 by expanding B2C acquisitions and contracting a pipeline of B2B customers *As of November 7, 20
Slide 8: 2. Segment Results
2. Segment Results 8
Slide 9: Internet Services Segment
Internet Services Segment 9
Slide 10: Internet Services Segment: Q3/25 Financial Highlights
Internet Services Segment: Q3/25 Financial Highlights ■ In Domestic EC, Rakuten Ichiba and Travel led the revenue growth. In addition to continuous profit growth in Core Businesses, a smaller loss in Logistics also contributed to profit growth ■ In the International BU, Rakuten Kobo and Rakuten Vibe
Slide 11: Internet Services Segment: Q3/25 Key KPIs
Internet Services Segment: Q3/25 Key KPIs Domestic EC Travel Business GMS*1*2 GTV*3 + 14.5% YoY + 7.6% YoY JPY 1.7 tn Investment Business International BU *1*5 Advertising IRR*4 Revenue Revenue + 17.8% + 5.4% + 13.5% YoY YoY USD 487 mm JPY 60.4 bn *1: Retroactive adjustments made due to realignment
Slide 12: Domestic EC: Q3/25 Financial Results
Domestic EC: Q3/25 Financial Results ■ High growth, mainly at Rakuten Ichiba, on demand brought forward by changes to hometown tax point allocation rule (from October). A reactionary decline YoY is expected in Q4 ■ Aiming to further increase GMS and profits by expanding synergies with Mobile and uti
Slide 13: Rakuten Ichiba: Expanding Synergies with Rakuten Mobile
Rakuten Ichiba: Expanding Synergies with Rakuten Mobile ■ SPU benefits and advance sales for mobile subscribers, as well as campaigns for new users of both services, proved successful No. of Rakuten Mobile subscribers among Expanding Synergies with Mobile new users of Rakuten Ichiba Q3/25 percentage
Slide 14: Rakuten Ichiba: Accelerating the Promotion of AI Utilization
Rakuten Ichiba: Accelerating the Promotion of AI Utilization ■ Soft launch* of Rakuten AI, an agent-type AI tool, on the Rakuten Ichiba app (gradually expanding to all users) ■ Use of RMS AI Assistant, a store management support tool, is also expanding. Continuously adding new features contributing
Slide 15: Travel Business: Strong Global Travel GTV and New Features for AI Hotel Search
Travel Business: Strong Global Travel GTV and New Features for AI Hotel Search ■ Domestic Travel GTV*1 grew on demand from the World Expo. Global Travel GTV*2 also remained strong thanks to inbound tourism boom ■ Browser version equipped from September with an AI hotel search function*3. Through AI
Slide 16: International BU: Q3/25 Financial Results
International BU : Q3/25 Financial Results *1*2 ■ Open Commerce: Rakuten Rewards revenue flat on cautious stance among US retailers, but OI grew on reduced loss at overseas ad business thanks to optimization of the cost structure ■ Others: Revenue and OI grew on firm Rakuten Kobo devices and content
Slide 17: Rakuten Kobo: Growth Driven by Strong Device Sales
Rakuten Kobo: Growth Driven by Strong Device Sales ■ E-book market continues to expand. Rakuten Kobo has grown steadily on strong content and hardware sales ■ Going forward, Kobo aims to further expand its business by promoting subscriptions and innovating in hardware E-Book market size* (USD bn) No
Slide 18: FinTech Segment
FinTech Segment 18
Slide 19: FinTech Segment: Q3/25 Financial Highlights
FinTech Segment: Q3/25 Financial Highlights ■ Customer base for each service continued to expand. Rakuten Card, Rakuten Bank, Rakuten Securities, and Rakuten Payment achieved record-high revenues ■ Efficient business operations were also maintained across all businesses, leading to substantial profi
Slide 20: FinTech Segment: Q3/25 Key KPIs
FinTech Segment: Q3/25 Key KPIs Rakuten Card Rakuten Bank Rakuten Bank Shopping GTV Accounts*1 Deposit Balance*1*2 + 11.7% YoY + 6.9% YoY + 10.1% YoY JPY 6.7 tn 17.32 mm JPY 12.2 tn Surpassed 13 mm in Nov 2025 Rakuten Securities Rakuten Securities Rakuten Securities General Accounts*1 NISA Accounts*
Slide 21: Rakuten Card: Growth of Shopping GTV Lead to Higher Revenue and Profit
Rakuten Card: Growth of Shopping GTV Lead to Higher Revenue and Profit ■ Shopping GTV continued to increase due to the expansion of the customer base, higher average spending per customer and the early demand for hometown tax purchases ■ Although interest expenses are rising, an increase in revolvin
Slide 22: Rakuten Payment: Continued Growth in Revenue and Profits
Rakuten Payment: Continued Growth in Revenue and Profits due to GTV Growth ■ Rakuten Pay app continued to see an increase in users, leading to a sustained expansion in GTV ■ In addition to revenue growth, cost level remained low, resulting in continued growth in operating income Revenue* (JPY bn) No
Slide 23: Rakuten Bank: Performance Highlights
Rakuten Bank (Consolidated): Performance Highlights*1 (J-GAAP, Six months ended Sep 25 ) *2 ■ An increase in the number of accounts and the progress in converting accounts into main accounts led to an expansion in deposit balances. With a growth in middle-risk assets and Bank of Japan's policy rate
Slide 24: Rakuten Securities: Continued Customer Expansion and Record-High Revenue
Rakuten Securities: Continued Customer Expansion and Record-High Revenue ■ Against a favorable market environment, the number of general accounts expanded. Growth in commission income and financial income led to a record-high quarterly revenue ■ By increasing revenue and suppressing expense growth,
Slide 25: Insurance Business: Strong Revenue
Insurance Business: Strong Revenue. Ongoing Focus on Selection and Concentration ■ Both life insurance, particularly medical insurance, and general insurance, especially automobile insurance, continued to sell well, leading to increased revenue for both ■ Although general insurance experienced a tem
Slide 26: Mobile Segment
Mobile Segment 26
Slide 27: Mobile Segment: Q3/25 Financial Highlights
Mobile Segment: Q3/25 Financial Highlights ■ Growth in number of subscribers and Net ARPU at Rakuten Mobile contributed to higher revenue and improved profitability ■ Rakuten Symphony continued to see revenue contributions from its main customer Revenue Non-GAAP EBITDA* Operating Income + 12.0% YoY
Slide 28: Rakuten Mobile
Rakuten Mobile
Slide 29: Rakuten Mobile: Q3/25 Financial Results
Rakuten Mobile: Q3/25 Financial Results ■ Double-digit revenue growth driven by increased service revenue due to growth in subscribers and net ARPU ■ Non-GAAP OI improved by JPY 13.4 bn YoY on the back of revenue growth Revenue*1 (JPY bn) Non-GAAP Operating Income*1*2 (JPY bn) Q3/24 Q4/24 Q1/25 Q2/2
Slide 30: Steady progress towards achieving 2025 full-year EBITDA profitability
EBITDA and PMCF *1 *2 ■ EBITDA profit: JPY 7.8 bn (JPY +17.5 bn YoY) ■ PMCF: JPY 24.3 bn (excluding customer acquisition-related expenses, which are upfront investments for future customer acquisition) +18.4 bn YoY 21 24 Steady progress (JPY bn) 16 towards achieving 11 2025 full-year 6 6 8 EBITDA pr
Slide 31: Rakuten Mobile: Q3/25 Key KPIs
Rakuten Mobile: Q3/25 Key KPIs Total subscribers*1*2 MNO Service Revenue (As of Sep 30, 2025) (JPY mm) 9.33 mm 53,937 + 24.7% 51,068 YoY 47,687 46,576 43,251 Adjusted MNO churn*3 40,237 （Q3/25） 36,142 1.33% ARPU*4 （Q3/25） 2,873 yen Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 *1: Total of MNO, MVNE, an
Slide 32: Net Increase in MNO Subscribers
Net Increase in MNO Subscribers ■ July to September is usually a slow season, but acquisition initiatives with Rakuten Card continued to be successful, contributing to an increase in new subscribers ■ Pace of net additions is progressing steadily. Aiming to reach 10 million subscribers by the end of
Slide 33: Net Increase in MNP Subscribers
Net Increase in MNP Subscribers ■ MNP net additions continues to trend upwards while other carriers are revising their plans ■ MNP subscribers mainly use it as their main line, which also contributes to a gradual decline in the churn rate +71.4% ■ Transfers from other carriers Net increase ■ Transfe
Slide 34: MNO Churn
MNO Churn * ■ Adjusted churn rate improved by 7 bps QoQ ■ Relative attractiveness of Rakuten Mobile improving in a macroeconomic environment of persistent inflation 1.56% 1.38% 1.40% 1.33% Adjusted 1.22% * 1.17% churn 1.12% Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 *Adjusted churn excludes B2C subsc
Slide 35: Corporate Business: Promoting Industry-Specific Digital Transformation
Corporate Business: Promoting Industry-Specific Digital Transformation ■ Corporate contracts steadily increasing. By promoting industry-specific DX, aim to acquire new customers and build a stable revenue base ■ By promoting early execution of contract pipeline, aiming to achieve 10 million subscrib
Slide 36: New Base Station Installation: Expanding Connectivity
New Base Station Installation: Expanding Connectivity (4G+5G) ■ Installation of base stations during 2025* is proceeding to achieve the initial plan, but few may be at risk of being deferred to next fiscal year ■ Focus on coverage holes and capacity measures in priority areas for efficiency 4,611 (C
Slide 37: MNO ARPU
MNO ARPU *1 ■ Main growth from data ARPU (JPY +63 YoY). Total ARPU 2,873 yen (JPY +72 YoY) ■ Ecosystem ARPU remained flat on dilution from growth in new contracts from light users, but higher loyalty is expected in the future Nurturing 2,857 2,873 2,801 2,827 2,861 ■ Ecosystem*2 ■ Others*3 (JPY) Lim
Slide 38: Data Usage (B2C)
Data Usage (B2C） 1.1 Average monthly ■ Data usage continues to grow on expansion of video viewing and social media use among young people 1.0 data usage 1.0 1.0 ■ Average monthly usage per person Average daily usage per person 0.9 30.5 30.4 33.5 33.5GB 33.5 30.0 (Unit: GB) 0.8 29.0 0.8 0.8 0.7 24.5
Slide 39: ARPU Growth through Expansion of New Services
ARPU Growth through Expansion of New Services ■ Aim to grow ARPU by developing a variety of new services, including Rakuten SAIKYO U-NEXT (flat rate: 3,980 yen)* Available from Oct 1 Available from Aug 26 全てコミコミ 990 円/月 (税込) New Users 3months FREE! *1 high-speed data limit may apply. Some numbers ar
Slide 40: RIC (RAN Intelligent Controller)
Continue to Promote Price Advantages by Challenging Low-Price, Unlimited Plans ■ Open-RAN environment, using AI and machine learning to manage and control RAN, optimizing operational efficiency ■ As a late-comer carrier, achieved low-cost operations through our next-generation network, passing savin
Slide 41: Rakuten Symphony
Rakuten Symphony
Slide 42: Rakuten Symphony: Business Update
Rakuten Symphony: Business Update ■ 6 new customers across North America, Africa, and Asia, and established 6 sales partnership for our OpenRAN and cloud products Total customers*1 Total partnerships*2 62 Customers (FY25 +18) 18 Partners (FY25 +18) (QoQ +6) (QoQ +6) ie: Grameenphone ie: RAN (Banglad
Slide 43: 3. Finance
3. Finance 43
Slide 44: Consolidated Financial Results Summary
Consolidated Financial Results Summary (JPY bn) Q3/24 Q3/25 YoY Comment Revenue 566.7 628.6 +10.9% Non-GAAP Operating Income 12.3 38.6 +212.8% Amortization of Intangible Assets -1.7 -1.3 +0.4 Share Based Compensation Expenses -4.1 -3.9 +0.1 One-off Items -6.1 -25.4 -19.4 Impairment loss etc. in the
Slide 45: Impairment Loss in Online Supermarket Business and Strategic Options
Impairment Loss in Online Supermarket Business and Strategic Options ■ Major supermarket chains have an advantage in brand recognition and product procurement capabilities ■ Aim to improve profitability by various measures, whilst considering various options such as a change in business model 45
Slide 46: Financial Strategy
Financial Strategy ■ Continue to maintain the following financial policies and strategies ■ Maintain long-term consolidated capital adequacy ratio target of 10%, but aim for 5% in the medium term, given the current solid asset growth in FinTech businesses Policy A stable financial base and enhancing
Slide 47: Background to Consolidated Equity Ratio Target
Background to Consolidated Equity Ratio Target ■ Total assets of FinTech businesses expanded rapidly driven by solid growth in their customer base ■ Assuming current rate of growth to continue, we have set a new mid-term consolidated target while maintaining the long-term target (JPY bn) FY2018 FY20
Slide 48: Market Evaluation of Our Credit Improvement
Market Evaluation of Our Credit Improvement ■ Efforts to improve our financial health have been well received by the market, and assessment of our credit continues to improve Perpetual subordinated bond interest Price of unsecured dollar-denominated rates came down, and demand exceeded corporate bon
Slide 49: Non-FinTech Interest-Bearing Debt / Non-FinTech Non-GAAP EBITDA
Non-FinTech Interest-Bearing Debt /Non-FinTech Non-GAAP EBITDA *1*2 *3 ■ Aim for Non-FinTech net interest-bearing debt*1*2/Non-FinTech Non-GAAP EBITDA*3 to be within 5x by 2027 ■ In Q3/25, EBITDA increased, resulting in a fall to 8.3x. Continue to target around 8.5x for FY2025 1,400,000 900,000 800,
Slide 50: 4. AI
4. AI 50
Slide 51: Rakuten's AI-nization Plan
Rakuten’s AI-nization Plan Vision Augment human creativity with the power of AI Strategy Unique Data Online + Offline Growth Assets Channels “Flywheel” Execution Wave 1 Wave 2 Wave 3 Deep Learning at Rakuten AI for Rakuten AI for Scale Business Consumers 51
Slide 52: Golden Opportunity to Become the World's Leading AI Empowerment Company
Golden Opportunity to Become the World’s Leading AI Empowerment Company ■ Grow Rakuten Ecosystem with new experiences, new uses and increased usage frequency Infuse AI into existing apps and services Reinvent apps and AI Era experiences with AI 52
Slide 53: Delivering Impact and ROI: Past, Present and Future
Delivering Impact and ROI: Past, Present and Future HISTORY OF PRESENT FUTURE SUCCESS MOMENTUM OPPORTUNITIES Search Ad AI Agent Rakuten AI Recommendation Deep Learning GenAI/LLM GenAI/SLM 53
Slide 54: Rakuten AI: Continuing the Momentum from Rakuten AI Optimism
Rakuten AI: Continuing the Momentum from Rakuten AI Optimism Jul-25 Jul-25 Sep-25 Sep-25 (Ichiba) One Rakuten AI. The Everyday AI assistant Accelerate decision making Personalized Hotel Match: All of Rakuten. for R-Mobile users from ideas to actions Find Your Perfect Stay 54
Slide 55: Rakuten AI in Rakuten Ichiba: Accelerate Decision Making from Ideas to Actions
Rakuten AI in Rakuten Ichiba: Accelerate Decision Making from Ideas to Actions ■ Naturally attracts “undecided shoppers,” proving a clear product-market fit for early funnel discovery-driven shopping needs Identify the Vague Query Clarify & Assist Generic query “I want a bag” Asks follow up question
Slide 56: Rakuten Securities Launches AI-Powered Stock Analysis
Rakuten Securities Launches AI-Powered Stock Analysis ■ Launched on July 27, this AI-powered service objectively analyzes vast amounts of market data, offering new perspectives and decision-making insights, fundamentally transforming the customer experience Approx. 8,500 US/JP Stocks Analyzed with A
Slide 57: Maximizing Ad Effectiveness and Expanding Store Adoption
Maximizing Ad Effectiveness and Expanding Store Adoption ■ Leveraging AI to optimize channel, timing and pricing to captures customer attention and maximize advertiser returns Detects hidden customer needs, proposing optimal products * Implementation Completed in ALL Ichiba stores （Nov 1） *RPP: Raku
Slide 58: Growing Gen AI Usage at Rakuten
Growing Gen AI Usage at Rakuten ■ Gen AI usage* grew 17x from September 2024 to September 2025 Key Usage Drivers Rakuten AI Gateway 17X Coding Rakuten AI for Rakutenians Productivity Rakuten AI Agents Customer Value (Mobile, Link, Travel, Ichiba, Customer & Merchant Services) Sep-24 Dec-24 Mar-25 Ju
Slide 59: Rakuten and HP Japan Join Forces to Bring Rakuten AI to HP PCs
Rakuten and HP Japan Join Forces to Bring Rakuten AI to HP PCs ■ New desktop version of Rakuten AI planned for rollout to HP Consumer and commercial PCs across Japan from Spring to Summer 2026 ON ON CLOUD DEVICE Users can experience Rakuten AI anytime, anywhere, both online and offline *Image for re
Slide 60: Growing the Rakuten Ecosystem with AI Agents
Growing the Rakuten Ecosystem with AI Agents ■ From enhancing customer experience to optimizing operations, AI-driven innovation is deeply permeating our ecosystem to accelerate growth 60
Slide 61: Rakuten
Rakuten
Slide 62: This presentation includes forward-looking statements
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