Rakuten Group, Inc. · TSE:4755
Rakuten — Q1 2025 Earnings Presentation
72 slides from Rakuten's earnings presentation, May 14, 2025
Slide 1: FY2025 First Quarter Consolidated Financial Results Appendix
FY2025 First Quarter Consolidated Financial Results Appendix May 14, 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 in
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 Q1 of JPY 562.7 bn (+9.6% YoY) • In addition to revenue growth, a significant profit improvement in Rakuten Mobile led to Non-GAAP O
Slide 3: Executive Summary: Internet Services
Executive Summary Internet Services • Segment revenue: JPY 305.5 bn (+6.9% YoY), Non-GAAP OI*1: JPY 13.2 bn (+25.8% YoY), achieving growth in both revenue and profit • Domestic EC GMS*2: JPY 1,430.7 bn (+3.0% YoY), due to the expansion of shopping EC GMS at Rakuten Ichiba, Rakuten Rebates, and other
Slide 4: Executive Summary: FinTech
Executive Summary FinTech • Segment revenue: JPY 223.6 bn (+15.6% YoY), Non-GAAP OI*1: JPY 43.9 bn (+21.7% 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: Mobile
Executive Summary Mobile • Segment revenue: JPY 110.7 bn (+10.9% YoY), Non-GAAP OI*1 JPY -51.3 bn (+JPY 14.3 bn YoY) • Rakuten Mobile, Inc.: Revenue JPY 87.2 bn (+40.7% YoY), Non-GAAP OI*1*2 improved to JPY -49.1 bn (+JPY 17.5 bn YoY), EBITDA*1*2*3: JPY -6.5 bn (+JPY 20.7 bn YoY) due to an increase
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 44.02 mm 77.0 % + 6.2 % YoY*1 + 0.4 pt YoY*3 Mar/20 Mar/21 Mar/22 Mar/23 Mar/24 Mar/25 Mar/20 Mar/21 Mar/22 Mar/23 Mar/24 Mar/25 *1: Comparison of mo
Slide 10: Membership Value
Membership Value*1 In 2024, Rakuten Securities started the new NISA program, and Rakuten Travel implemented government policies, which led to an increase in retention, but this has slowed down and membership value declined. However, Rakuten Bank and shopping EC sites like Rakuten Ichiba and Rakuten2
Slide 11: Total Global GTV
Total Global GTV*1*2 (JPY tn) +11.2% *3 YoY LTM Total Global GTV 10.2 11.3 45.0 tn 9.1 JPY Q1/23 Q1/24 Q1/25 *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) Q1/24 Q1/25 YoY Consolidated Revenue 513.6 562.7 +9.6% Internet Services Segment 285.7 305.5 +6.9% FinTech Segment 193.5 223.6 +15.6% Mobile Segment 99.8 110.7 +10.9% Adjustments -65.4 -77.1 -11.7 Non-GAAP Operating Income (Loss)*1*2 -25.4
Slide 14: Consolidated Financial Results Summary (2)
Consolidated Financial Results Summary (2) (JPY bn, rounded) Q1/24 Q1/25 YoY Non-GAAP Operating Income (Loss) -25.4 -0.3 +25.1 Amortization of Intangible Assets -1.8 -1.4 +0.5 Stock Based Compensation -3.8 -4.4 -0.6 One-Off Items -2.2 -9.4 -7.2 IFRS Operating Income (Loss) -33.3 -15.4 +17.8 Financia
Slide 15: Revenue Breakdown
Revenue Breakdown*1*2 (JPY bn) +9.6% YoY 10.9 30.1 562.7 -11.7 6.3 13.8 -0.3 513.6 International Other Internet FinTech Mobile Consolidated Q1/24 Domestic EC Q1/25 Business Unit Services Segment Segment Adjustment Internet Services Segment *1: From Q4/24, International Business Unit and Minority Inv
Slide 16: Non-GAAP Operating Income (Loss) Breakdown
Non-GAAP Operating Income (Loss) Breakdown*1*2*3*4 (JPY bn) Internet Services Segment International Minority Other Internet FinTech Mobile Consolidated Q1/24 Domestic EC Q1/25 Business Unit Investment Services Segment Segment Adjustment 14.3 0.3 -0.3 7.8 0.8 0.5 2.2 -0.7 -25.4 JPY +25.1 bn YoY *1: F
Slide 17: EBITDA Breakdown
EBITDA Breakdown*1*2*3*4*5 (JPY bn) +51.4% YoY 16.8 79.9 -1.9 8.7 3.3 0.8 0.5 52.8 -1.1 International Minority Other Internet FinTech Mobile Consolidated Q1/24 Domestic EC Q1/25 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 Mar 2025
Consolidated and Major Subsidiaries’ Balance Sheets – As of Mar 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)
Consolidated and Major Subsidiaries’ Balance Sheets (1) – As of Mar 2025 (JPY bn, rounded) Q4/24 Q1/25 QoQ Rakuten Group, Inc. (Consolidated) Total Assets 26,514.7 25,077.2 -5.4% *1 Cash and Equivalents 6,170.9 4,918.5 -20.3% Financial Assets for Securities Business 5,212,0 4,979.9 -4.5% Investment
Slide 20: Consolidated and Major Subsidiaries' Balance Sheets (2)
Consolidated and Major Subsidiaries’ Balance Sheets (2) – As of Mar 2025*1*2 (JPY bn, rounded) Q4/24 Q1/25 QoQ Rakuten Group, Inc. (Non-consolidated) *Including internal transactions Total Assets 5,417.9 4,859.6 -10.3% *3 Cash and Cash Equivalents, etc. 750.0 330.6 -55.9% Other Assets 4,667.9 4,529.
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*4 Non-GAAP Q1/25 (JPY bn) Revenue YoY YoY Operating Income *4 Domestic EC 236.8 +6.2% 24.3 +10.0% Core Businesses 159.3 +5.9% 36.1 +6.3% Growth Investment Businesses 77.5 +6.7% -11.8 +0.1 *2*4*5*6 International Business Unit 64.4 +10.8% -0.2 +0.8% Ra
Slide 29: Internet Services Segment Revenue Breakdown
Internet Services Segment Revenue Breakdown*1*2 (JPY bn) +6.9% YoY 6.3 305.5 4.9 8.9 -0.3 285.7 Growth Investment International Other Internet Q1/24 Core Businesses Businesses Business Unit Services Q1/25 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*4 (JPY bn) +25.8% YoY 0.8 0.5 0.7 13.2 2.1 -0.7 10.5 -0.6 Growth Investment Logistics International Minority Other Internet Q1/24 Core Businesses Businesses Business Business Unit Investment Services Q1/25 (excl. Logistics Business)
Slide 31: Domestic EC GMS
Internet Services Segment Domestic EC International BU Minority Investment Domestic EC GMS *1*2*3*4 User growth fueled GMS increase in shopping EC (Rakuten Ichiba, Rebates, etc.). +4.4% YoY, if adjusted for leap year and weather impacts Aiming for a mid- to high-single-digit growth rate from 2025 on
Slide 32: Domestic EC Revenue
Internet Services Segment Domestic EC International BU Minority Investment Domestic EC Revenue * Core Businesses increased revenue due to Rakuten Ichiba, which saw an increase in GMS, and Rakuten Travel, which performed well mainly in inbound tourism Growth Investment Businesses revenue increased th
Slide 33: Domestic EC Operating Income
Internet Services Segment Domestic EC International BU Minority Investment Domestic EC Operating Income* Core Businesses achieved increased profits due to increased revenue, mainly from Rakuten Ichiba and Rakuten Travel Growth Investment Businesses losses improved due to improved profitability in th
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 saw some weakness on a softening market caused by US companies reducing marketing costs On the other hand, strong sales of the new Rakuten Kobo color device and the exp
Slide 37: International Business Unit Operating Income
Internet Services Segment Domestic EC International BU Minority Investment International Business Unit Operating Income *1*2 Open Commerce saw a decline in profits due to the macro environment, but Rakuten Rewards remained in the black Strong revenue growth from Rakuten Kobo, Rakuten Viber, etc. con
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 Q1/25 (As of the end of Mar/25) (As of the end of Mar/
Slide 39: Rakuten Capital Investment Performance
Internet Services Segment Rakuten Capital Investment Performance *1 *2 Domestic EC International BU Minority Investment (As of Mar 2025) (JPY bn) 296.2 79.8 Remaining Gain +163bn (Unrealized) ROI*3 +123% IRR*3 +18.5% 132.9 216.4 Exit Amount (Realized) Initial Investment Remaining + Exited (2012~Q1/2
Slide 40: Minority Investment Portfolio
Internet Services Segment Domestic EC International BU Minority Investment Minority Investment Portfolio Remaining Exited*2 Number of *1 Investments : 50 investments 43 investments E-Commerce Mobile*4 Ride Sharing Healthcare (Partial) SaaS (Partial) AI/Other Sustainability Non R-Capital*3 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 Q1/25 (JPY bn) Revenue YoY Operating Income YoY Rakuten Card 87.3 +9.1% 14.5 -5.4% Rakuten Bank 47.9 +34.7% 22.8 +63.8% Rakuten Securities 35.1 +12.4% 8.2 +10.7% Insurance Business 24.0 +7.1% 1.1 -48.5% Rakuten Payment 24.3 +20.9% 1.9 +133.2% *5 O
Slide 43: FinTech Segment Revenue Breakdown
FinTech Segment Revenue Breakdown (JPY bn) +15.6% YoY 1.6 4.2 0.9 223.6 12.3 3.9 7.3 193.5 Rakuten Rakuten Rakuten Insurance Rakuten Q1/24 Others Q1/25 Card Bank Securities Business Payment 43
Slide 44: FinTech Segment Non-GAAP Operating Income Breakdown
FinTech Segment Non-GAAP Operating Income Breakdown* (JPY bn) +21.7% YoY 8.9 0.8 1.1 43.9 -1.1 -1.0 36.1 -0.8 Rakuten Rakuten Rakuten Insurance Rakuten Q1/24 Others Q1/25 Card Bank Securities Business Payment *From Q3/24, Mobile Ecosystem Contribution has been reflected in segment results. Retroacti
Slide 45: Rakuten Card Financial Results and KPI
FinTech Segment Card Bank Securities Insurance Payment Rakuten Card Financial Results and KPI Revenue grew due to increased fee income from expanded shopping and installment GTV, as well as shopping revolving balances While interest expenses rose with market rates, increase in external cash outflow
Slide 46: Rakuten Bank Financial Results and KPI
FinTech Segment Card Bank Securities Insurance Payment Rakuten Bank Financial Results and KPI Customer base grew by 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 bn) Rakuten Bank A
Slide 47: Rakuten Securities Financial Results and KPI
FinTech Segment Card Bank Securities Insurance Payment Rakuten Securities Financial Results and KPI Record-high revenue due to continued expansion of customer base and diversification of revenue mix Achieved double-digit profit growth despite increase in interest expenses, thanks to successful contr
Slide 48: Rakuten Securities: Countermeasures for Unauthorized Trades
FinTech Segment Card Bank Securities Insurance Payment Rakuten Securities: Countermeasures for Unauthorized Trades Prompt response to the occurrence of unauthorized trades through phishing scams, etc. Introduction of additional authentication (by phone) when suspicious access was auto-detected Suspe
Slide 49: Insurance Business Financial Results
FinTech Segment Card Bank Securities Insurance Payment Insurance Business Financial Results In Life Insurance, face-to-face insurance sales are strong. Aiming to strengthen Ecosystem driven O2O *1 sales In General Insurance, despite strong online sales, continued losses due to remaining low-profit p
Slide 50: 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) +20.9% +133.2% YoY YoY 1.9 0.8 24.
Slide 51: Mobile Segment
Mobile Segment 51
Slide 52: Mobile Segment Financial Results
Mobile Segment Financial Results*1*2*3 Non-GAAP Q1/25 (JPY bn) Revenue YoY Operating Income YoY *1 Rakuten Mobile 87.2 +40.7% -49.1 +17.5 *3 MNO 47.7 +31.9% *3*4 MVNO 1.5 -42.9% Device Revenue 17.5 +29.5% *3 Mobile Others (including Rakuten Hikari, etc.) 12.9 +33.1% *2 Other Businesses 7.6 +7.6 Raku
Slide 53: Mobile Segment Revenue Breakdown
Mobile Segment Revenue Breakdown (JPY bn) 25.2 -2.8 110.7 99.8 -11.5 Rakuten Mobile Rakuten Symphony Others 53
Slide 54: Mobile Segment Non-GAAP Operating Income/Loss Breakdown
Mobile Segment Non-GAAP Operating Income/Loss Breakdown*1*2 (JPY bn) Rakuten Mobile Others 17.5 -3.2 -51.3 -65.6 JPY +14.3 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 55: Rakuten Mobile, Inc. Quarterly Financial Results
Mobile Segment Rakuten Mobile Rakuten Symphony Rakuten Mobile, Inc. Quarterly Financial Results Revenue (JPY bn) Non-GAAP Operating Income*3 (JPY bn) EBITDA*3*4 (JPY bn) 87 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 82 Q1/24 Q1/24 Q2/24 Q2/24 Q3/24 Q3/24 Q4/24 Q4/24 Q1/25 Q1/25 8 0 73 -4 68 15 13 -7 62 14 -10 13
Slide 56: 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 57: Rakuten Mobile MNO Subscribers (B2C+B2B)
Mobile Segment Rakuten Mobile Rakuten Symphony Rakuten Mobile MNO Subscribers (B2C+B2B) *1 Improvement in network quality and its awareness drove growth in B2C subscribers since spring 2024 (mm subscribers) 7.59 0.13 *2 Subscribers transferred to BCP MNO subscribers 7.46 7.78 6.88 7.21 6.33 5.90 4.9
Slide 58: Rakuten Mobile MNO Churn (B2C+B2B)
Mobile Segment Rakuten Mobile Rakuten Symphony Rakuten Mobile MNO Churn (B2C+B2B) In Q4/24, user mobility increased due to changes in plans at other carriers, and in Q1/25 due to the spring sales season Churn expected to improve as the sales season comes to an end 5.41% 4.64% 3.82% 4.67% 3.83% 3.11%
Slide 59: ARPU
Mobile Segment Rakuten Mobile Rakuten Symphony ARPU *1 Due to the smaller number of days in Q1/25 versus Q4/24, data ARPU only increased slightly QoQ, but the upward trend continues as data usage increases Net ARPU, which is a benchmark for becoming profitable, increased by JPY 118 YoY (JPY) 2,812 2
Slide 60: 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 61: Rakuten Mobile MNO Average Data Volume (B2C)
Mobile Segment Rakuten Mobile Rakuten Symphony Rakuten Mobile MNO Average Data Volume (B2C) Average data usage continues to increase 1.02 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 Q4/22 Q1/23 Q2/23 Q3/23 Q4/23 Q1/24 Q2
Slide 62: 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 63: Rakuten Symphony Revenue
Mobile Segment Rakuten Mobile Rakuten Symphony Rakuten Symphony Revenue Revenue trends fluctuate due to factors such as timing of deliveries to clients, etc. (USD mm) 300 Started full-fledged 231 delivery for 1&1 Entered into 161 partnership with 1&1 to build mobile network 118 108 88 90 84 85 91 67
Slide 64: Driving AI Native Software Solution across Partnerships
Mobile Segment Rakuten Mobile Rakuten Symphony Driving AI Native Software Solution across Partnerships Aiming at software-centric solutions powered by AI and expanding the customer base Building partnerships with global enterprises and cloud solution providers Rakuten Maritime launched at end of 202
Slide 65: Ad Business
Ad Business 65
Slide 66: Ad Business Financial Results
Ad Business*1 Financial Results Revenue*2 (JPY bn) For further growth +5.6% YoY 54.8 51.9 Group Data Services • Utilizing high-quality online and offline Rakuten Ecosystem data • Optimization of targeting by predicting future purchases using AI technology Q1/24 Q1/25 • Wide-ranging ad delivery acros
Slide 67: 4. Finance
4. Finance 67
Slide 68: Achieved cash generation of JPY 187.2 billion
Cash Conversion Cycle Improvements Continuing efforts to optimize working capital to reduce leverage Cumulative total of cash generated by working capital optimization from Q1/24: JPY 187.2bn Further upside Cumulative total JPY 187.2bn Achieved cash generation of JPY 187.2 billion in Non-FinTech bus
Slide 69: Non-FinTech Interest-bearing Debt / Non-FinTech Non-GAAP EBITDA
Non-FinTech Interest-bearing Debt*1*2/Non-FinTech Non-GAAP EBITDA*3 Aim for Non-FinTech net interest-bearing debt*1*2/Non-FinTech Non-GAAP EBITDA*3 to be under 5x Non-FinTech total interest-bearing *1*2 debt Non-FinTech net interest-bearing *1*2 debt Non-FinTech *3 Non-GAAP EBITDA FY2023 FY2024 LTM
Slide 70: Diversifying Financing Sources including Equity, Asset Financing and Bonds
Diversifying Financing Sources including Equity, Asset Financing and Bonds 2019 2020 2021 2022 2023 2024 Public offering and Strengthening of Strategic Transaction Third-party allotments involving Rakuten Securities Strategic Transaction JPY 87 bn Strategic Third-party allotments JPY 296 bn Involvin
Slide 71: 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 72: 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