Rakuten Group, Inc. · TSE:4755
Rakuten — Q2 2026 Earnings Presentation
65 slides from Rakuten's earnings presentation, Aug 10, 2026
Slide 1: FY2026 Second Quarter Consolidated Financial Results
FY2026 Second Quarter Consolidated Financial Results August 10, 2026 Rakuten Group, Inc.
Slide 2: Support for those affected by the 2026 Kumamoto Earthquake
To those affected by the 2026 Kumamoto Earthquake and their families, we offer our heartfelt support 2
Slide 3: Topics
Topics 01 Summary 02 FinTech Business Reorganization 03 Segment Results ー Internet Services Segment ー FinTech Segment ー Mobile Segment 04 Finance 05 AI 3
Slide 4: 1. Summary
1. Summary 4
Slide 5: First Positive Net Income since Q2/20
First Positive Net Income since Q2/20 27.2B JPY Q2/26 Net Income 27.2B JPY Positive for the first time Q1 Q2 Q3 Q4 2020 Q1 Q2 Q3 Q4 2021 Q1 Q2 Q3 Q4 2022 Q1 Q2 Q3 Q4 2023 Q1 Q2 Q3 Q4 2024 Q1 Q2 Q3 Q4 2025 Q1 Q2 2026 since Q2/20 5
Slide 6: Profitable in Q2: Profitability Before & After-Tax
Profitability Before & After-Tax and Attributable to Owners of Company ◼ Achieved profitability as earnings power improved across all segments, including continued improvements at Rakuten Mobile ◼ Aiming for full-year profitability in FY2026 at the income before tax and net income levels Income Befo
Slide 7: Q2/26 Consolidated Revenue
Q2/26 Consolidated Revenue (B JPY) ■ Internet Services Segment ■ FinTech Segment ■ Mobile Segment ■ Consolidation Adjustments ＋11.6% YoY 665.5 Record high 596.4 121.4 112.1 +8.3% for a Q2 YoY 665.5B JPY 295.4 232.7 +27.0% YoY 324.5 +4.2% 338.1 Internet Services, FinTech, and Mobile YoY segments all
Slide 8: Q2/26 Consolidated EBITDA
*1*2 Q2/26 Consolidated EBITDA (B JPY) ■ Internet Services Segment ■ FinTech Segment ■ Mobile Segment ■ Consolidation Adjustments ＋11.7% YoY 115.3 Record high 6.8 103.2 -28.4% for a Q2 9.6 YoY 115.3B JPY 9.6 87.1 +45.9% 59.7 YoY +27.4% FinTech and Internet Services grew strongly 24.3 YoY 31.0 Mobile
Slide 9: Q2/26 Consolidated Non-GAAP Operating Income
* Q2/26 Consolidated Non-GAAP Operating Income (B JPY) ■ Internet Services Segment ■ FinTech Segment ■ Mobile Segment ■ Consolidation Adjustments ＋109.6% YoY 42.0 Record high 20.1 for a Q2 since MNO service launch 0.3 69.2 42.0B JPY +60.1% YoY 43.2 +68.6% 23.1 13.7 YoY Internet Services and FinTech
Slide 10: 2. FinTech Business Reorganization
2. FinTech Business Reorganization 10
Slide 11: FinTech Business Reorganization
FinTech Business Reorganization ◼ Effective October 1, 2026, Rakuten Bank, Rakuten Card, and Rakuten Securities HD will be consolidated into a single group centered on Rakuten Bank ◼ Optimizing funding, expanding the customer base, and leveraging data integration and AI to generate cross-group syner
Slide 12: 85B JPY of Medium-to-Long Term Synergies Expected
85B JPY of Medium-to-Long Term Synergies Expected + Other Synergies ◼ Quantified synergies: preparations begun for early realization by fiscal year ending March 2028; by fiscal year ending March 2030, financial and individual- customer synergies combined target over 85.0B JPY ◼ Accelerating consider
Slide 13: Strengthening Deposit Acquisition and Asset Management Capabilities
Strengthening Deposit Acquisition and Asset Management Capabilities ◼ Boosting deposit balances by promoting main-account conversion* via Rakuten Card and expanding Money Bridge usage with Rakuten Securities Rakuten Bank Deposit Balance per Account Post-Reorganization Deposit Utilization Strategy Ai
Slide 14: Rakuten Payment Positioned as Rakuten Group's Core Gateway
Rakuten Payment Positioned as Rakuten Group's Core Gateway ◼ Although Rakuten Payment is outside the scope of this reorganization, it continues its role as the gateway connecting the Rakuten Group and the New Rakuten Bank Group Rakuten Group New Rakuten Bank Group Travel EC Mobile Leisure Serving as
Slide 15: 3. Segment Results
3. Segment Results 15
Slide 16: Internet Services Segment
Internet Services Segment 16
Slide 17: Internet Services Segment: Q2/26 Financial Highlights
Internet Services Segment: Q2/26 Financial Highlights ◼ Led by the Travel business, major domestic businesses including Rakuten Ichiba continued to grow revenue ◼ In addition to profit growth in Rakuten Ichiba and Travel, improvement in growth-investment businesses drove a significant profit increas
Slide 18: Internet Services Segment: Q2/26 Key KPIs
Internet Services Segment: Q2/26 Key KPIs Domestic EC GMS*1*2 Travel GTV*3 1.5T JPY +17.2% +5.3% YoY YoY International BU*4 Advertising Revenue*5 Investment Business IRR Revenue (All Segments Combined) +17.6% 500MM USD 65.6B JPY +3.9% +15.6% YoY YoY *1: From Q1/26, part of the points-related busines
Slide 19: Domestic EC: Core Businesses and Portfolio Optimization Driving Growth
Domestic EC: Core Businesses and Portfolio Optimization Driving Growth ◼ Growth in Core Businesses revenue and profitability improvement in Growth Investment Businesses contributed to significant profit increase ◼ Further margin expansion is expected from advertising growth along with narrower losse
Slide 20: Rakuten Ichiba: Next Generation Shopping Experiences with AI
Rakuten Ichiba: Delivering Next Generation Shopping Experiences with AI ◼ Currently developing AI shop managers with specialized knowledge of each store. Considering utilizing them for strategic sales promotions, such as product recommendations, and for handling customer inquiries AI shop managers p
Slide 21: Travel: GTV Growth by Solid Domestic Performance and Global Expansion
Travel: GTV Growth by Solid Domestic Performance and Global Expansion ◼ Marketing initiatives paid off and steadily captured leisure travel demand, driving double-digit growth in domestic-related GTV ◼ Global GTV was driven significantly by growth in Rakuten Travel Xchange, which expands connectivit
Slide 22: Growth Investment Businesses: Steady Progress Towards Profitability
Growth Investment Businesses: Steady Progress Towards Profitability ◼ Profitability trending solidly as profit-improvement drivers materialize across businesses. Continued improvement expected through ongoing business portfolio management Non-GAAP Operating Income/Loss* Loss-improvement Initiatives
Slide 23: International BU: Ongoing Investment in Customer-Base Expansion
International BU : Ongoing Investment in Customer-Base Expansion *1 ◼ Open Commerce saw profit growth driven by a partial exit of an unprofitable service in Dec 2025 and disciplined cost control ◼ Meanwhile, EU saw a profit impact from front-loaded marketing costs at Rakuten TV, with normalization e
Slide 24: Ad Business: AI Drives Domestic EC Growth
Ad Business: AI Drives Domestic EC Growth, Resulting in Double Digit Uplift ◼ Advertising revenue growth accelerated YoY. Rakuten Promotion Platform (RPP) and Targeting Display Ads (TDA) accounted for over 60% of Rakuten Ichiba advertising revenue, with expanded AI utilization contributing to growth
Slide 25: FinTech Segment
FinTech Segment 25
Slide 26: FinTech Segment: Q2/26 Performance Highlights
FinTech Segment: Q2/26 Performance Highlights ◼ Revenue and profit growth across all core businesses, aided by the interest-rate environment and active market conditions ◼ Efficient marketing and continuous cost control at each company drove revenue and profit growth across FinTech Non-GAAP Revenue
Slide 27: FinTech Segment: Q2/26 Key KPIs
FinTech Segment: Q2/26 Key KPIs Rakuten Card Rakuten Bank Rakuten Bank Shopping GTV Accounts (non-consolidated)*1 Deposits (non-consolidated)*1*2 7.1T JPY 18.46 MM 13.3T JPY +9.4% +8.1% +13.9% YoY YoY YoY Rakuten Securities Rakuten Securities Jul-26 Rakuten Securities General Accounts*1 NISA Account
Slide 28: Rakuten Card: OI Grew, Overcoming Higher Financial Expenses
Rakuten Card: OI Grew, Overcoming Higher Financial Expenses ◼ Shopping transaction value and revenue continued to grow as cashless payments advance ◼ Profit growth achieved by offsetting higher financial expenses amid rising interest rates through profitability improvements such as rate changes to r
Slide 29: Rakuten Bank (Consolidated): Performance Highlights
*1 Rakuten Bank (Consolidated): Performance Highlights (J-GAAP, Three months ended Jun 26*2) ◼ Revenue expanding on steady deposit growth and even faster growth in managed assets ◼ While continuing upfront investment to expand customer base, achieved record-high profit for an Apr-Jun quarter Ordinar
Slide 30: Rakuten Securities: Further OI Growth Driven by Active Market Conditions
Rakuten Securities: Further OI Growth Driven by Active Market Conditions ◼ Robust new account growth supported by favorable market conditions and the New NISA program ◼ Operating income reached a record high, driven by growth in financial revenues supported by active market environment and higher fe
Slide 31: Delivering Stable Profit Even in High Market Volatility
Delivering Stable Profit Even in High Market Volatility ◼ In addition to the continued growth of investment trust, including the New NISA, the elimination of domestic stock trading fees from October 2023 contributed significantly, leading to an increase in custody assets that far exceeded the growth
Slide 32: Insurance Business: Profitability up on Shift to Main Products
Insurance Business: Profitability up on Shift to Main Products, Strategy Optimization ◼ Life Insurance profitability improved through optimization of product and channel strategies ◼ For General Insurance, a strategic shift to focused products progressed steadily, while automobile insurance continue
Slide 33: Rakuten Payment: Sustained Double-Digit Revenue Growth
Rakuten Payment: Sustained Double-Digit Revenue Growth, Strong Profit Growth ◼ Top line grew double digits on higher offline payments through the Rakuten Pay app ◼ Efficient marketing measures and continuous cost control delivered significant profit growth Revenue*1 Non-GAAP Operating Income*1*2 (B
Slide 34: From July 1: FamilyMart Joins Rakuten Ichiba's SPU Program
From July 1: FamilyMart Joins Rakuten Ichiba's SPU Program ◼ By encouraging customers to present Rakuten Point Card at FamilyMart, aim to increase engagement with Rakuten Ichiba and the Rakuten Point Card ◼ Rakuten Point Card, operated by Rakuten Payment, is driving an expansion of value beyond the
Slide 35: Mobile Segment
Mobile Segment 35
Slide 36: Mobile Segment: Q2/26 Financial Highlights
Mobile Segment: Q2/26 Financial Highlights ◼ Rakuten Mobile's steady growth drove YoY revenue increase and operating loss improvement. Meanwhile, EBITDA declined YoY, mainly due to the absence of foreign exchange gains, etc., at Rakuten Symphony Non-GAAP Revenue Operating Income *1 EBITDA *1*2 PMCF
Slide 37: Mobile Segment: Q2/26 Main KPIs
Mobile Segment: Q2/26 Main KPIs Total Subscribers*1 Adjusted MNO Churn Rate*2 ARPU*3 (As of Jun-26) （Q2/26） （Q2/26） 10.75 MM 1.38% 2,921 JPY +1.78 MM Q2/25: 1.40% +60 JPY YoY YoY Number of Customers*4 Number of Partners*5 (As of Jun-26) (As of Jun-26) 73 customers 28 partners +3 customers +6 partner
Slide 38: Rakuten Mobile
Rakuten Mobile
Slide 39: Rakuten Mobile: Quarterly Financial Trends
Rakuten Mobile: Quarterly Financial Trends ◼ Continued expansion of subscribers contributed to YoY revenue growth. The QoQ decline was due to seasonal factors in both device sales and Energy business ◼ Operating loss narrowed YoY. On a QoQ basis, losses widened due to the same factors affecting reve
Slide 40: Rakuten Mobile Q2/26 EBITDA and PMCF
Rakuten Mobile Q2/26 EBITDA and PMCF *1*2 *3 ◼ PMCF increased by 6.0B JPY YoY, driven by the expansion of the customer base. QoQ seasonal factors in device sales and Energy business, combined with cost increases in Energy business driven by developments in the Middle East and other factors, weighed
Slide 41: MNO Net Adds: Sustained Growth Even after Peak Sales Season
MNO Net Adds: Sustained Growth Even after Peak Sales Season ◼ B2C net adds increased both YoY and QoQ. Activations maintained the prior-year’s level despite strengthened anti-hopping measures to curb inflows of those prone to short-term cancellations ◼ Established a sustainable net growth structure
Slide 42: MNO Churn Rate: Improvement due to the Success against Hoppers
MNO Churn Rate: Improvement due to the Success against Hoppers ◼ Gross churn steadily improved as measures targeting users prone to quick switching proved successful. Adjusted churn also tre nded toward improvement with the end of the peak sales season ◼ Continuing to monitor the market environment
Slide 43: MNO ARPU: Steady Growth on Expanding Data Usage
MNO ARPU : Steady Growth on Expanding Data Usage *1 ◼ Data ARPU recovering with rising data usage, despite a subscriber-mix effect from Q4/25 B2B acquisition drive ◼ With enhanced option lineups such as security and insurance, option ARPU performing well. Other ARPU also growing steadily on strong a
Slide 44: B2C Data ARPU
Rising Data Usage Contributes to B2C ARPU Improvement ◼ Since the launch of the Saikyo Plan in June 2023, median data usage* and B2C data ARPU show a high correlation (R² = 0.896) ◼ 20GB-plus users' rising share supports the median increase, contributing to ARPU improvement Median data usage vs. B2C
Slide 45: Capex: Accelerating Base-Station Construction
Capex: Accelerating Base-Station Construction Through Various Measures ◼ Recorded capital expenditure of 39.3B JPY in Q2. Advancing process reforms in base-station construction to accelerate build-out in the second half ◼ FY2026 capital-expenditure plan of 200B JPY unchanged, maintaining the origina
Slide 46: Base-Station Construction: Upstream Processes Progressing Smoothly
Base-Station Construction: Upstream Processes Progressing Smoothly ◼ Accelerating upstream processes through in-house site negotiations, etc. Meanwhile, work requiring specialized skills such as design and construction is consolidated with construction companies. Task segmentation and resource optim
Slide 47: JR Yamanote Line: Further Network Enhancement Through 5G Deployment
JR Yamanote Line: Further Network Enhancement Through 5G Deployment ◼ As of June 2026, 5G networks had been deployed at 25 of the 30 stations on JR Yamanote Line, with the remaining 5 stations scheduled for completion within 2026. Driving further capacity expansion at these high-traffic stations Tab
Slide 48: Tokyo Metro: Strengthening Network with MIMO Capacity Upgrades
Tokyo Metro: Further Strengthening Network with MIMO Capacity Upgrades ◼ At Tokyo Metro, MIMO will be rolled out progressively as the bandwidth expansion from 5 MHz to 20 MHz is completed; 10 stations by June, with plans to expand to all JMCIA-managed stations thereafter ◼ MIMO deployment doubles ma
Slide 49: Selected for Japan's Domestic Satellite Network Development Project
Selected for Japan’s Domestic Satellite Network Development Project ◼ Selected as an indirect subsidy operator under the Ministry of Internal Affairs and Communications’ “Japan Low Earth Orbit Satellite Communications Project (J-LEO)”, which supports the development of Japan's own satellite communic
Slide 50: 4. Finance
4. Finance 50
Slide 51: Q2/26 Consolidated Results Summary
Q2/26 Consolidated Results Summary ◼ Achieved profitability in net income attributable to owners of the company for the first time since Q2/20 (B JPY) 42.0 -0.4 First Since 2020 -4.6 Q2 Profitability 26.7 27.2 20.0 -17.0 7.7 -19.5 -19.4 -0.1 0.5 Non-GAAP Amortization Share-Based One-off IFRS Financi
Slide 52: Loss Recognition Related to Warehouse Utilization
Loss Recognition Related to Warehouse Utilization (FY2025 onward) ◼ Recorded a loss of approximately 17.0B JPY*1 in the logistics business this quarter, triggered by implementation of warehouse leasing service optimization ◼ Full book value has now been impaired for all self-owned warehouses (Matsud
Slide 53: Accounting Treatment of Tax Expense from the Sale of Shares
Accounting Treatment of Tax Expense from the Sale of Shares (IFRS Basis) ◼ FVtOCI: When securities classified as such are sold, the gain on sale, without passing through PL, is recognized in other comprehensive income (OCI) ◼ Meanwhile, for tax purposes, the gain is recognized and tax expense is rec
Slide 54: Strategic Significance and Financial Impact of the FinTech Reorganization
Strategic Significance and Financial Impact of the FinTech Reorganization ◼ The primary aim of the FinTech reorganization is to enhance corporate value by accelerating growth and pursuing operational efficiency through the integrated operation of the FinTech businesses Regarding Rakuten Group’s capi
Slide 55: Market Assessment of Improvement in Our Financial Balance
Market Assessment of Improvement in Our Financial Balance ◼ Initiatives toward financial soundness have been well received by the market, and sentiment toward the Company’s credit continues to improve Spreads*1 have continued to tighten across Even relative to market index, all maturities over the p
Slide 56: Finance Policy
Finance Policy ◼ While further strengthening self-funding, 2027 bond redemptions will be executed proactively and reliably using the optimal means suited to market conditions Self-Funding Bond Redemption Meet mobile funding needs without relying on Refinance flexibly according to market external fin
Slide 57: 5. AI
5. AI 57
Slide 58: How Rakuten AI Can Amplify the Rakuten Ecosystem
How Rakuten AI Can Amplify the Rakuten Ecosystem ◼ AI accelerates our growth flywheel and builds durable differentiation through data and intelligence Rakuten AI turns vague ideas into 1 Engage concrete actions that drive Ecosystem cross-usage, rewarding relevant actions with Rakuten Points Make eve
Slide 59: 1. Engage: Leverage Rakuten LLMs for Query Understanding
1. Engage: Leverage Rakuten LLMs for Query Understanding 1 ◼ Leverage LLM to understand the query context and whether users want to explore or are ready to make a decision ◼ Using Rakuten Language Models to train smaller models that serve every search query in production LLMs help us to determine th
Slide 60: 2. Expand: Rakuten AI is Supercharging the Ecosystem
2. Expand: Rakuten AI is Supercharging the Ecosystem 2 An Ecosystem of agents Stand-alone experiences Empowering professionals that augment each business and that work on virtually any device in collaboration with HP Japan connect with each other Exclusively pre-bundled on HP PCs Web app for Desktop
Slide 61: AI Agents Launched to Date
2 (Rakuten Ichiba) (Rakuten Card Lite) AI Agents Launched to Date 17 Services AI Agents in Pipeline AI Agents Planned (Near-term deployment) for Deployment 7 50+ Forecasted Services (Rakuten Rewards) 61
Slide 62: 3. Differentiate: From Discovery to Delivery, a Complete Customer Journey
3. Differentiate: From Discovery to Delivery, a Complete Customer Journey 3 ◼ Leveraging the Rakuten Ecosystem and AI to deliver an end-to-end customer journey, from online discovery to offline delivery Example: Rakuten AI for Rakuten Ichiba Example: Rakuten AI for Rakuten Travel From Chat to Purcha
Slide 63: Super Agent: The Next Step in Growing the Rakuten Ecosystem
Super Agent: The Next Step in Growing the Rakuten Ecosystem ◼ Rakuten AI is your best personal AI assistant to access the Rakuten Ecosystem and beyond. 1 2 3 Double Down on Achieve Goals & Connect with External Cross Use Complete Tasks Agents and Services AI agents embedded in each application From
Slide 64: Experience Rakuten AI Today
Experience Rakuten AI Today ◼ Available on Web, Android, iOS, Windows, and soon Mac ai.rakuten.co.jp/download 64
Slide 65: Rakuten
Rakuten