Rakuten Group, Inc. · TSE:4755
Rakuten — Q2 2025 Earnings Presentation
69 slides from Rakuten's earnings presentation, Aug 8, 2025
Slide 1: FY2025 Second Quarter Consolidated Financial Results Appendix
FY2025 Second Quarter Consolidated Financial Results Appendix August 8, 2025 Rakuten Group, Inc. • Figures in this document are rounded to one decimal place, so there may be some discrepancies with the numbers in other disclosed materials. • Past figures may be retroactively adjusted due to changes
Slide 2: Executive Summary
Executive Summary Consolidated Results • Revenue increased across all segments: Internet Services, FinTech, and Mobile, resulting in revenue reaching a record high for Q2 of JPY 596.4 bn (+11.0% YoY) • In addition to revenue growth, a significant profit improvement at Rakuten Mobile led to Non-GAAP
Slide 3: Executive Summary
Executive Summary Internet Services • Segment revenue: JPY 324.5 bn (+6.8% YoY). Non-GAAP OI*1: JPY 14.1 bn (-10.5% YoY) due to the recording of valuation losses on certain shares held in the minority investment business. Excluding this business, Non-GAAP OI*1 was JPY 19.1 bn (+8.0% YoY), achieving
Slide 4: Executive Summary
Executive Summary FinTech • Segment revenue: JPY 232.7 bn (+14.8% YoY), Non-GAAP OI*1: JPY 43.4 bn (+12.2% YoY), resulting in increased revenue and profit. Each business saw continued growth in their customer base and GTV, resulting in increased revenue in all businesses • Rakuten Card: Shopping GTV
Slide 5: Executive Summary
Executive Summary Mobile • Segment revenue: JPY 112.1 bn (+18.1% YoY), Non-GAAP OI*1 JPY -37.0 bn (+JPY 16.9 bn YoY) • Rakuten Mobile, Inc.: Due to expanding an increase in the number of subscribers and an improvement in ARPU, Revenue*2 was JPY 90.6 bn (+33.5% YoY), Non-GAAP OI*1*2 was JPY -38.9 bn
Slide 6: Appendix Contents
Appendix Contents 1 Ecosystem KPIs ◆ Number of Monthly Active Users and Ratio of Users of Two or More Services ◆ Membership Value ◆ Global GTV 2 Consolidated Financial Results Consolidated Financial Results Summary Revenue, Non-GAAP Operating Income or Loss, and EBITDA Breakdown Overview of Consolid
Slide 7: 1. Ecosystem KPIs
1. Ecosystem KPIs 7
Slide 8: Rakuten Ecosystem Service Line-Up (Excerpt)
Rakuten Ecosystem Service Line-Up (Excerpt) Established leading positions in many markets. Highest cross-use rate among MNO carriers* Internet Services Segment FinTech Segment Mobile Segment Domestic EC International Payment Insurance Securities Bank Mobile (Rakuten Ichiba) (Rakuten Rewards) (Rakute
Slide 9: Number of Monthly Active Users and Ratio of Users of Two or More Services
Number of Monthly Active Users and Ratio of Users of Two or More Services Monthly Active User Growth in Japan Ratio of Users of Two or More Services*2 44.26 mm 77.0 % + 4.7 % YoY*1 + 0.2 pt YoY*3 Jun/20 Jun/21 Jun/22 Jun/23 Jun/24 Jun/25 Jun/20 Jun/21 Jun/22 Jun/23 Jun/24 Jun/25 *1: Comparison of mo
Slide 10: Membership Value
Membership Value*1 Retention that improved in 2024 under the new NISA program at Rakuten Securities has slowed down leading to a decline in value, which was partially offset by improvement at Rakuten Bank and shopping EC sites, such as Rakuten Ichiba and Rakuten Books -5.3% (JPY tn) YoY 0.5 0.1 9.7
Slide 11: Total Global GTV
Total Global GTV*1*2 (JPY tn) +9.1% *3 YoY LTM Total Global GTV 10.9 11.9 47.0 tn 9.7 JPY Q2/23 Q2/24 Q2/25 *1: Global Gross Transaction Value = Domestic E-Commerce GMS + Credit Card GTV + Rakuten Edy GTV + Rakuten Pay GTV+ Rakuten Point Card GTV + Overseas E-Commerce GTV + Rakuten Rewards (Ebates)
Slide 12: 2. Consolidated Financial Results
2. Consolidated Financial Results 12
Slide 13: Consolidated Financial Results Summary (1)
Consolidated Financial Results Summary (1) (JPY bn, rounded) Q2/24 Q2/25 YoY Consolidated Revenue 537.3 596.4 +11.0% Internet Services Segment 303.9 324.5 +6.8% FinTech Segment 202.7 232.7 +14.8% Mobile Segment 95.0 112.1 +18.1% Adjustments -64.3 -73.0 -8.7 Non-GAAP Operating Income (Loss)*1 -11.8 2
Slide 14: Consolidated Financial Results Summary (2)
Consolidated Financial Results Summary (2) (JPY bn, rounded) Q2/24 Q2/25 YoY Non-GAAP Operating Income (Loss) -11.8 20.1 +31.9 Amortization of Intangible Assets -1.9 -1.2 +0.7 Share Based Compensation -3.9 -4.1 -0.1 One-off Items -0.6 -5.9 -5.3 IFRS Operating Income (Loss) -18.3 8.8 +27.2 Financial
Slide 15: Revenue Breakdown
Revenue Breakdown*1*2 (JPY bn) +11.0% YoY 17.2 596.4 30.0 -8.7 6.6 0.6 13.5 537.3 International Other Internet FinTech Mobile Consolidated Q2/24 Domestic EC Q2/25 Business Unit Services Segment Segment Adjustment Internet Services Segment *1: From Q4/24, International Business Unit and Minority Inve
Slide 16: Non-GAAP Operating Income (Loss) Breakdown
Non-GAAP Operating Income (Loss) Breakdown*1*2*3 (JPY bn) JPY +31.9 bn YoY 11.9 20.1 16.9 0.6 4.7 1.6 -11.8 -3.1 -0.8 International Minority Other Internet FinTech Mobile Consolidated Q2/24 Domestic EC Q2/25 Business Unit Investment Services Segment Segment Adjustment Internet Services Segment *1: F
Slide 17: EBITDA Breakdown
EBITDA Breakdown*1*2*3*4 (JPY bn) +54.5% YoY 10.0 103.2 21.6 2.8 0.6 5.5 66.8 -3.1 -1.0 International Minority Other Internet FinTech Mobile Consolidated Q2/24 Domestic EC Q2/25 Business Unit Investment Services Segment Segment Adjustment Internet Services Segment *1: From Q3/24, Mobile Ecosystem Co
Slide 18: Consolidated and Major Subsidiaries’ Balance Sheets – As of Jun 2025
Consolidated and Major Subsidiaries’ Balance Sheets – As of Jun 2025*1*2 Non-consolidated balance sheets include internal transactions (JPY bn) Consolidated *4 Rakuten Group, Inc.*3 Rakuten Mobile, Inc. Total Assets Total Assets Total Assets *5 Rakuten Bank, Ltd. Rakuten Card Co., Ltd. Rakuten Secur
Slide 19: Consolidated and Major Subsidiaries’ Balance Sheets (1) – As of Jun 2025
Consolidated and Major Subsidiaries’ Balance Sheets (1) – As of Jun 2025 (JPY bn, rounded) Q1/25 Q2/25 QoQ Rakuten Group, Inc. (Consolidated) Total Assets 25,077.2 26,277.6 +4.8% *1 Cash and Equivalents 4,918.5 5,379.2 +9.4% Financial Assets for Securities Business 4,979.9 5,582.4 +12.1% Investment
Slide 20: Consolidated and Major Subsidiaries’ Balance Sheets (2) – As of Jun 2025
Consolidated and Major Subsidiaries’ Balance Sheets (2) – As of Jun 2025*1*2 (JPY bn, rounded) Q1/25 Q2/25 QoQ Rakuten Group, Inc. (Non-consolidated) *Including internal transactions Total Assets 4,859.6 4,681.5 -3.7% *3 Cash and Cash Equivalents, etc. 330.6 172.8 -47.7% Other Assets 4,529.0 4,508.7
Slide 21: 3. Segment Results and KPIs
3. Segment Results and KPIs 21
Slide 22: Rakuten Group Organizational Chart and Segment Correspondence Chart
Rakuten Group Organizational Chart and Segment Correspondence Chart Internet Services Segment FinTech Segment Rakuten Group, Inc. Mobile Segment 85.01%*3 49.27%*2 Listed on TSE in Apr. 2023 Other domestic Rakuten Card Co., Rakuten Securities Rakuten Insurance Rakuten Mobile, Inc. Rakuten Bank, Ltd.
Slide 23: Segment Management Structure
Segment Management Structure Internet Services FinTech Mobile Segment Leader Segment Leader Segment Leader Hiroshi Mikitani Seiichiro Sonoda Kentaro Hyakuno Kazuhiro Suzuki Representative Director, President of FinTech COO Representative Director and Chairman, President and Group Company President o
Slide 24: Internet Services Segment Structure
Internet Services Segment Structure* Internet Services Segment Domestic EC ◼ Rakuten Ichiba Core Businesses ◼ Rakuten Travel ◼ Rakuten Rebates ◼ Rakuten GORA ◼ Ad Related Business etc. Growth Investment ◼ Rakuten Super Logistics Businesses ◼ Rakuten Mart ◼ Rakuten Books ◼ Rakuten24 ◼ Rakuten Fashion
Slide 25: FinTech Segment Structure
FinTech Segment Structure FinTech Segment Rakuten Card ◼ Rakuten Card Rakuten Bank ◼ Rakuten Bank Rakuten ◼ Rakuten Securities and Overseas Subsidiaries Securities ◼ Rakuten Life Insurance Insurance ◼ Rakuten General Insurance Business ◼ Rakuten Insurance Planning etc. ◼ Rakuten Pay Rakuten ◼ Rakute
Slide 26: Mobile Segment Structure
Mobile Segment Structure Mobile Segment Rakuten ◼ Rakuten Mobile Mobile ◼ Rakuten Energy (Rakuten Electricity, Rakuten Gas) Rakuten ◼ Rakuten Symphony Symphony Others ◼ Rakuten Communications etc. 26
Slide 27: Internet Services Segment
Internet Services Segment 27
Slide 28: Internet Services Segment Financial Results
Internet Services Segment Financial Results*1*2*3 Non-GAAP Q2/25 (JPY bn) Revenue YoY YoY Operating Income *3 Domestic EC 241.6 +5.9% 23.1 +7.5% Core Businesses 165.0 +7.6% 35.3 +7.5% Growth Investment Businesses 76.5 +2.5% -12.2 -0.9 *2*3*4*5 International Business Unit 72.2 +10.0% 1.5 +64.1% Rakut
Slide 29: Internet Services Segment Revenue Breakdown
Internet Services Segment Revenue Breakdown*1*2 (JPY bn) +6.8% YoY 6.6 0.6 324.5 11.6 1.9 303.9 Growth Investment International Other Internet Q2/24 Core Businesses Businesses Business Unit Services Q2/25 Domestic EC *1: From Q4/24, International Business Unit and Minority Investment are disclosed s
Slide 30: Internet Services Segment Non-GAAP Operating Income Breakdown
Internet Services Segment Non-GAAP Operating Income Breakdown*1*2*3 (JPY bn) -10.5% YoY 2.5 0.6 1.0 15.8 -1.8 14.1 -3.1 -0.8 Growth Investment Logistics International Minority Other Internet Q2/24 Core Businesses Businesses Business Business Unit Investment Services Q2/25 (excl. Logistics Business)
Slide 31: Domestic EC GMS
Internet Services Segment Domestic EC International BU Minority Investment Domestic EC GMS *1*2*3 In addition to shopping e-commerce businesses such as Rakuten Ichiba and Rakuten Rebates, the travel business is driving growth Although growth rate remains in the mid-single digits, aiming to accelerat
Slide 32: Domestic EC Revenue
Internet Services Segment Domestic EC International BU Minority Investment Domestic EC Revenue * Core business growth driven by growth of Rakuten Ichiba based on increased user numbers and average customer spend, as well as Rakuten Travel In Growth Investment Businesses, in addition to the logistics
Slide 33: Domestic EC Operating Income
Internet Services Segment Domestic EC International BU Minority Investment Domestic EC Operating Income* Core business profits increased due to higher revenues from Rakuten Ichiba and Rakuten Travel Growth Investment Business profits decreased slightly due to the impact of Rakuten Mart’s struggles t
Slide 34: Growth of Online Shopping from a Macroeconomic Perspective
Internet Services Segment Domestic EC International BU Minority Investment Growth of Online Shopping from a Macroeconomic Perspective The rise in online shopping usage triggered by the spread of COVID-19 has continued even as the economy normalized Online shopping spending remains strong, despite in
Slide 35: List of Logistics Centers
Internet Services Segment Domestic EC International BU Minority Investment List of Logistics Centers JP Rakuten Logistics Rakuten Mart Logistics Centers Yao Opened in 2023 RSL* Kawanishi Opened in 2012 Rakuten 24 Hirakata Opened in 2019 RSL* Nanko Opened in 2016 Narashino Ibaraki Fukuoka Rakuten 24
Slide 36: International Business Unit Revenue
Internet Services Segment Domestic EC International BU Minority Investment International Business Unit Revenue *1*2 Rakuten Rewards revenue remains stable despite reduction of marketing spend by US companies Meanwhile, strong sales of the Rakuten Kobo color devices and content, as well as communicat
Slide 37: International Business Unit Operating Income
Internet Services Segment Domestic EC International BU Minority Investment International Business Unit Operating Income *1*2 Rakuten Rewards maintained flat operating income despite macroeconomic conditions On the other hand, significant revenue growth at Rakuten Viber and expansion of Rakuten Viki
Slide 38: Global Customer Base
Internet Services Segment Domestic EC International BU Minority Investment Global Customer Base Global customer base of Rakuten services are steadily expanding (Rakuten Rewards) GMS Total Users* Registered Users Registered Users Registered Users Q2/25 (As of the end of Jun/25) (As of the end of Jun/
Slide 39: Rakuten Capital Investment Performance
Internet Services Segment Rakuten Capital Investment Performance *1 *2 Domestic EC International BU Minority Investment (As of Jun 2025) (JPY bn) 290.4 Gain +157bn 73.1 Remaining (Unrealized) ROI*3 +118% IRR*3 +18.1% 133.4 217.2 (Realized) Int’l Inv. Remaining + Exited (2012~2025 Q2) *1: Investment
Slide 40: Minority Investment Portfolio
Internet Services Segment Domestic EC International BU Minority Investment Minority Investment Portfolio Remaining Exited*2 Number of *1 Investments : 48 investments 46 investments E-Commerce Mobile*4 Ride Sharing Healthcare (Partial) SaaS (Partial) AI/Other Non R-Capital*3 Sustainability 2 investme
Slide 41: FinTech Segment
FinTech Segment 41
Slide 42: FinTech Segment Financial Results
FinTech Segment Financial Results*1*2*3*4*5 Non-GAAP Q2/25 (JPY bn) Revenue YoY Operating Income YoY Rakuten Card 91.2 +9.8% 15.0 -4.5% Rakuten Bank 53.3 +35.0% 25.3 +53.6% Rakuten Securities 35.7 +7.9% 7.0 -26.2% Insurance Business 21.4 +4.3% -0.9 -0.8 Rakuten Payment 26.0 +15.6% 1.8 +57.2% *5 Othe
Slide 43: FinTech Segment Revenue Breakdown
FinTech Segment Revenue Breakdown (JPY bn) +14.8% YoY 3.5 1.0 232.7 13.8 2.6 0.9 8.2 202.7 Rakuten Rakuten Rakuten Insurance Rakuten Q2/24 Others Q2/25 Card Bank Securities Business Payment 43
Slide 44: FinTech Segment Non-GAAP Operating Income Breakdown
FinTech Segment Non-GAAP Operating Income Breakdown* (JPY bn) +12.2% YoY 8.8 0.7 43.4 -2.5 -0.8 -0.7 38.7 -0.7 Rakuten Rakuten Rakuten Insurance Rakuten Q2/24 Others Q2/25 Card Bank Securities Business Payment *From Q3/24, Mobile Ecosystem Contribution has been reflected in segment results. Retroact
Slide 45: Rakuten Card Financial Results and KPI
FinTech Segment Card Bank Securities Insurance Payment Rakuten Card Financial Results and KPI Continuous increase in shopping GTV due to expansion of customer base and an increase in average spend per customer contributed to revenue growth Although profits declined due to an increase in interest exp
Slide 46: Rakuten Bank Financial Results and KPI
FinTech Segment Card Bank Securities Insurance Payment Rakuten Bank Financial Results and KPI Customer base continued to expand due to leveraging Ecosystem synergy Both revenue and OI significantly increased due to the Bank of Japan's policy rate hikes Revenue (JPY bn) Non-GAAP Operating Income (JPY
Slide 47: Rakuten Securities Financial Results and KPI
FinTech Segment Card Bank Securities Insurance Payment Rakuten Securities Financial Results and KPI Customer base expansion continued, driven by the new NISA, leading to record high quarterly revenue Profits decreased due to higher trading related expenses resulting from an increase in customers and
Slide 48: Insurance Business Financial Results
FinTech Segment Card Bank Securities Insurance Payment Insurance Business Financial Results Revenues expanded due to strong face-to-face sales of life insurance, and sales of general insurance products such as automobile insurance Although losses increased due to a temporary impact of accounting adj
Slide 49: Rakuten Payment Financial Results
FinTech Segment Card Bank Securities Insurance Payment Rakuten Payment Financial Results Revenue grew driven by GTV increase as Rakuten Pay app users grew OI expanded due to continued control of marketing expenses Revenue (JPY bn) Non-GAAP Operating Income (JPY bn) +15.6% +57.2% YoY YoY 1.8 1.2 26.0
Slide 50: Mobile Segment
Mobile Segment 50
Slide 51: Mobile Segment Financial Results
Mobile Segment Financial Results*1 Non-GAAP Q2/25 (JPY bn) Revenue YoY Operating Income YoY *1*4 Rakuten Mobile 90.6 +33.5% -38.9 +13.9 *3 MNO 51.1 +26.9% *3*5 MVNO 1.3 -39.3% Device and Accessory 16.2 +25.4% *3 Other Mobile (including Rakuten Hikari, etc.) 14.1 +12.6% *2 Other Businesses 7.9 +7.9 R
Slide 52: Mobile Segment Revenue Breakdown
Mobile Segment Revenue Breakdown*1*2 (JPY bn) +18.1% YoY 6.3 22.7 112.1 -11.9 95.0 Q2/24 Rakuten Mobile Rakuten Symphony Others Q2/25 *1: From February 2025, Rakuten Energy, Inc. was absorbed into Rakuten Mobile, Inc. *2: From April 2025, part of the Rakuten Communications business was absorbed into
Slide 53: Mobile Segment Non-GAAP Operating Income/Loss Breakdown
Mobile Segment Non-GAAP Operating Income/Loss Breakdown*1*2*3 (JPY bn) Rakuten Mobile Others 3.0 13.9 -37.0 -53.9 JPY +16.9 bn YoY *1: From Q3/24, Mobile Ecosystem Contribution has been reflected in Rakuten Mobile results. Retroactive revisions have been made to each segment‘s results from Q1/23. *2
Slide 54: Rakuten Mobile, Inc. Quarterly Financial Results
Mobile Segment Rakuten Mobile Rakuten Symphony Rakuten Mobile, Inc. Quarterly Financial Results Revenue*1 (JPY bn) Non-GAAP Operating Income*1*2*3 (JPY bn) EBITDA*1*2*3*4 (JPY bn) 91 87 82 Q2/24 Q2/24 Q3/24 Q3/24 Q4/24 Q4/24 Q1/25 Q1/25 Q2/25 Q2/25 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 8 8 73 14 68 15 13 14
Slide 55: Rakuten Mobile, Inc. Operating Cost and Capital Expenditure
Mobile Segment Rakuten Mobile Rakuten Symphony Rakuten Mobile, Inc. Operating Cost and Capital Expenditure With efficient cost control, operating cost is mostly maintained at constant level Capex in 2025 expected to be about JPY 150 bn Operating Cost (including Depreciation) Capital Expenditure*1*2
Slide 56: Rakuten Mobile MNO Subscribers (B2C+B2B)
Mobile Segment Rakuten Mobile Rakuten Symphony Rakuten Mobile MNO Subscribers (B2C+B2B) *1 Increase in new contracts and decrease in cancellations led to QoQ growth of the number of subscriber (mm subscribers) 7.59 0.13 *2 Subscribers transferred to BCP MNO subscribers 7.78 8.17 7.21 7.46 6.88 6.33
Slide 57: Rakuten Mobile MNO Churn (B2C+B2B)
Mobile Segment Rakuten Mobile Rakuten Symphony Rakuten Mobile MNO Churn (B2C+B2B) End of the spring sales season and price revisions by some carriers led to an improvement in June churn rate to the level of fall 2024 5.41% 4.64% 3.82% 4.67% 3.83% 3.11% Gross MNO 2.53% 2.52% Churn 2.94% 2.38% 2.08% 1
Slide 58: ARPU
Mobile Segment Rakuten Mobile Rakuten Symphony ARPU *1 As data usage increased, data ARPU increased Net ARPU, which is a benchmark for becoming profitable, increased by JPY 114 YoY 2,821 2,801 2,857 2,827 2,861 (JPY) 800 762 746 749 736 36 91 56 63 35 203 ■ Ecosystem*2 194 193 200 201 84 91 88 84 86
Slide 59: ARPU Definition
Mobile Segment Rakuten Mobile Rakuten Symphony ARPU Definition Net ARPU x MNO Subscribers*1 should be compared to EBITDA cost to analyze EBITDA breakeven In addition to Data, Calls, Options and Others, revenue uplift effect of Rakuten Mobile ARPU MNO subscribers is now added to the calculation (divi
Slide 60: Rakuten Mobile MNO Average Data Volume (B2C)
Mobile Segment Rakuten Mobile Rakuten Symphony Rakuten Mobile MNO Average Data Volume (B2C) Average daily data usage in June alone reached a record high of 1.04GB 1.02 1.00 Averaged data consumption volume per day (GB) 0.98 0.94 0.81 0.76 0.77 0.73 0.62 0.55 0.56 0.46 0.36 0.33 Q1/22 Q2/22 Q3/22 Q4/
Slide 61: Rakuten Mobile Owned and Roaming Frequency Bands
Mobile Segment Rakuten Mobile Rakuten Symphony Rakuten Mobile Owned and Roaming Frequency Bands Spectrum Status Bandwidth 40MHz 1.7GHz Allocated Up: 1,730 – 1,750MHz Down: 1,825 - 1,845MHz 6MHz Allocated in October 2023 700MHz Up: 715 - 718MHz 4G Started commercial use in June 2024 Down: 770 - 773MH
Slide 62: Rakuten Symphony Revenue
Mobile Segment Rakuten Mobile Rakuten Symphony Rakuten Symphony Revenue Revenue trends fluctuate due to timing of revenue recognition, etc. Q2 revenue increased due to software acceptance by main customer (USD mm) 300 Started full-fledged 231 delivery for 1&1 Entered into 161 partnership with 1&1 to
Slide 63: Ad Business
Ad Business 63
Slide 64: Ad Business Financial Results
Ad Business*1 Financial Results Revenue*2 (JPY bn) For further growth +4.7% YoY 54.2 56.7 Group Data Services • Utilizing high-quality online and offline Rakuten Ecosystem data • Optimization of targeting by predicting future purchases using AI technology Q2/24 Q2/25 • Wide-ranging ad delivery acros
Slide 65: 4. Finance
4. Finance 65
Slide 66: Achieved cash generation of JPY 207.1 billion
Cash Conversion Cycle Improvements Continuing efforts to optimize working capital to reduce leverage Already achieved our goal of generating JPY 200 bn cumulative cash from Non-FinTech businesses by end of FY2025 Further upside Cumulative total JPY 207.1bn Achieved cash generation of JPY 207.1 billi
Slide 67: Diversifying Financing Sources including Equity, Asset Financing and Bonds
Diversifying Financing Sources including Equity, Asset Financing and Bonds 2021 2022 2023 2024 2025 Public offering and Strengthening of Strategic Transaction Third-party allotments involving Rakuten Securities Third-party allotments Strategic Transaction JPY 296 bn JPY 87 bn Strategic Transaction I
Slide 68: Rakuten Mobile Funding Flow
Rakuten Mobile Funding Flow Dividends, management fees, FinTech etc. Rakuten Mobile, Inc. FY2024: Companies JPY 52.6 bn raised JPY 170 bn through lease financing in Q3/24 Independently regulated and funded Equity/Loan Rakuten Group, Inc. Dividends, Rakuten Mobile, Inc. management fees, FCF from Inte
Slide 69: 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