Rakuten Group, Inc. · TSE:4755

Rakuten — Q2 2025 Earnings Presentation

60 slides from Rakuten's earnings presentation, August 2025

1. Slide 1: Q2 2025 Earnings Presentation

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2. Slide 2: Key points

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3. Slide 3: @ (EUDICSRMERBTN TUSRAENT IVOURIC OUT CRELET.

   @ (EUDICSRMERBTN TUSRAENT IVOURIC OUT CRELET.

4. Slide 4: Group Non-GAAP EBITDA

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5. Slide 5: Mobile subscribers

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6. Slide 6: +11.0% +18.1% +14.8% +6.8% ⚫ ⚫

   +11.0% +18.1% +14.8% +6.8% 6 ⚫ ⚫

7. Slide 7: Q2/25 Non-GAAP results

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8. Slide 8: Q2/25 EBITDA

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9. Slide 9: Rakuten AI

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10. Slide 10: 2. Segment results

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11. Slide 11: Internet Services

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12. Slide 12: Internet Services: Q2/25 results

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13. Slide 13: Internet Services: Q2/25 KPI

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14. Slide 14: Domestic EC: Q2/25 results

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15. Slide 15: Ichiba: Q2/25 results

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16. Slide 16: Travel: Q2/25 results

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17. Slide 17: Super Sale

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18. Slide 18: Internet Services overseas: Q2/25 results

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19. Slide 19: Fintech

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20. Slide 20: Fintech: Q2/25 results

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21. Slide 21: Fintech: Q2/25 KPI

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22. Slide 22: Rakuten Card

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23. Slide 23: Rakuten Bank

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24. Slide 24: Rakuten Securities

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25. Slide 25: Rakuten Insurance

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26. Slide 26: Other Fintech

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27. Slide 27: Mobile

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28. Slide 28: Mobile: Q2/25 results

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29. Slide 29: Rakuten Mobile

    Rakuten Mobile R @ RAEN IDEAORMICOWTCHRALES.

30. Slide 30: Rakuten Mobile: Q2/25 results

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31. Slide 31: Rakuten Mobile: Q2/25 KPI

    RAEN IH > Q2/25 FHKPI (20256308) 8975 1.40. 220mm"? BeMNOMNE? ARPU™ (2/25) (@2/25) 2,861n MNO#—E25E © +26.9% Feat 51,068 (nF) Qv/23 Q2/23 Q3/23 Q4/23 Qve4 Q2/24 3/24 Q4/24 av25 2/25 *1: BCP ZOMNO, MVNERUMVNOO SEE. BCPE I, B2BICHLTBusiness Continuity PlonkIRICMBLTUSTIY, *2 : G3/245 ik AYMVNOBREEMVNOB

32. Slide 32: MNO subscribers

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33. Slide 33: Churn rate

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34. Slide 34: MNO ARPU

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35. Slide 35: Data usage (B2C)

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36. Slide 36: Base stations

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37. Slide 37: Network quality

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38. Slide 38: Rakuten Saikyo plans

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39. Slide 39: Rakuten Card plans

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40. Slide 40: Corporate subscriptions

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41. Slide 41: Corporate DX support

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42. Slide 42: Rakuten Symphony

    Rakuten Symphony R @ meIC, BRAY VY I4 = —ICOW CE COWFEHO? y FF—hECRECHTURES ET.

43. Slide 43: Rakuten Symphony offerings

    (E2E) (E2E) (Cloud) (Cloud) (OSS) (Open RAN) 43 ⚫ ⚫ ⚫

44. Slide 44: © MEELCMBCHSLCSVETRHNS CHRUELET.

    © MEELCMBCHSLCSVETRHNS CHRUELET.

45. Slide 45: Consolidated results

    RAY VU (SA: HP. BSA) Q2/25 — aUSEIRALE Fe_Lilnes 537.3 596.4 —_+11.0% Non-GAAP S23 7itt (#825) 11.8 20.1 +31.9 AREER 1.9 “1.2 +07 RA 3.9 “41 0.1 + KEDA—KCHISRRO ADEM NO TEBHBOWN PER : 49189 FRENCIAS -0.6 5.9 5.3 + -RAEBICHISPEMSICHT SM MICKS 31488 : 10185 = IFRS S527 (#82) 18.3 8.8 +27.2 + EICMMBRAS

46. Slide 46: Financial position

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47. Slide 47: Bond redemption and refinancing

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48. Slide 48: Bond issuance

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49. Slide 49: Non-GAAP EBITDA outlook

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50. Slide 50: AI and ecosystem

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51. Slide 51: Rakuten AI-nization

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52. Slide 52: Points and ecosystem

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53. Slide 53: Rakuten Promotion Platform

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54. Slide 54: Rakuma search improvements

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55. Slide 55: Rakuten AI for Rakutenians

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56. Slide 56: ASS eiIbS SRC ERE

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Rakuten Group — Q2 2025 Earnings Presentation on 6ix