Rakuten Group, Inc. · TSE:4755
Rakuten — FY2025 Earnings Presentation
101 slides from Rakuten's earnings presentation, Feb 12, 2026
Slide 1: FY2025 Full Year and Fourth Quarter Consolidated Financial Results Appendix
FY2025 Full Year and Fourth Quarter Consolidated Financial Results Appendix February 12, 2026 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 adjuste
Slide 2: Executive Summary
Executive Summary Consolidated Results • Consolidated revenue for fiscal year 2025 increased across all segments, including Internet Services, FinTech, and Mobile, reaching JPY 2.5 tn (+9.5% YoY), marking a record high for the 29th consecutive fiscal year • Consolidated Non-GAAP OI increased signifi
Slide 3: Executive Summary
Executive Summary Internet Services • Segment revenue: JPY 1.37 tn (+6.8% YoY), Non-GAAP OI: JPY 88.9 bn (+4.5% YoY), Non-GAAP OI excluding valuation gains and losses on minority investment business: JPY 100.3 bn (+15.2% YoY) • Domestic EC*1 GMS: JPY 6.35 tn (+3.9% YoY). Taking into account the impa
Slide 4: Executive Summary
Executive Summary FinTech • Segment revenue: JPY 975.9 bn (+19.0% YoY), Non-GAAP OI: JPY 199.9 bn (+30.3% YoY). Revenue increased across all businesses as the customer base and GTV continued to expand in each business • Rakuten Card: Shopping GTV increased due to an expanding customer base and highe
Slide 5: Executive Summary
Executive Summary Mobile • Segment revenue: JPY 482.8 bn (+9.6% YoY), Non-GAAP OI JPY -161.8 bn (+JPY 47.1 bn YoY), EBITDA*1 JPY 28.8 bn (+JPY 65.1 bn YoY), achieving a full-year profit. • Rakuten Mobile*2: Due to an increase in the number of subscribers and an improvement in ARPU, revenue was JPY 3
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 and EBITDA Breakdown ◆ Overview of Consolidate
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) (Rak
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 45.60 mm 77.3 % - 0.1 pt YoY *3 + 3.4 % YoY *1 Dec-20 Dec-21 Dec-22 Dec-23 Dec-24 Dec-25 Dec-20 Dec-21 Dec-22 Dec-23 Dec-24 Dec-25 *1: Comparison of
Slide 10: Membership Value
*1 Membership Value ■ Strong performance of FinTech, such as Rakuten Securities, supported by a thriving market, and Rakuten Bank, which has seen a significant increase in interest income, led to an increase in membership value, reaching JPY 10 tn for the first time (JPY tn) +4.2% YoY 0.1 10.0 9.6 0
Slide 11: Q4/25 & FY2025 Global GTV
*1*2 Q4/25 & FY2025 Global GTV Q4/25 Global GTV (JPY tn) FY2025 Global GTV (JPY tn) +4.8% *3 +8.7% *3 YoY YoY 48.7 12.6 13.2 44.8 11.1 40.0 Q4/23 Q4/24 Q4/25 2023 2024 2025 *1: Global Gross Transaction Value = Domestic E-Commerce GMS + Credit Card GTV + Rakuten Edy GTV + Rakuten Pay GTV+ Rakuten Poi
Slide 12: 2. Consolidated Financial Results
2. Consolidated Financial Results 12
Slide 13: Q4/25 Consolidated Financial Results Summary (1)
Q4/25 Consolidated Financial Results Summary (1) (JPY bn, rounded) Q4/24 Q4/25 YoY Consolidated Revenue 661.6 708.9 +7.2% Internet Services Segment 377.9 390.1 +3.2% FinTech Segment 216.0 269.2 +24.6% Mobile Segment 139.9 141.3 +1.0% Adjustments -72.3 -91.6 -19.3 Non-GAAP Operating Income (Loss) 32.
Slide 14: Q4/25 Consolidated Financial Results Summary (2)
Q4/25 Consolidated Financial Results Summary (2) (JPY bn, rounded) Q4/24 Q4/25 YoY Non-GAAP Operating Income 32.0 47.9 +49.9% Amortization of Intangible Assets -1.4 -1.3 +0.1 Share Based Compensation -4.2 -3.3 +0.9 One-off Items 77.6 -30.3 -107.9 IFRS Operating Income 104.0 13.0 -87.5% Financial Inc
Slide 15: FY2025 Consolidated Financial Results Summary (1)
FY2025 Consolidated Financial Results Summary (1) (JPY bn, rounded) 2024 2025 YoY Consolidated Revenue 2,279.2 2,496.6 +9.5% Internet Services Segment 1,282.1 1,369.7 +6.8% FinTech Segment 820.4 975.9 +19.0% Mobile Segment 440.7 482.8 +9.6% Adjustments -264.0 -331.9 -67.9 Non-GAAP Operating Income (
Slide 16: FY2025 Consolidated Financial Results Summary (2)
FY2025 Consolidated Financial Results Summary (2) (JPY bn, rounded) 2024 2025 YoY Non-GAAP Operating Income 7.0 106.3 +1,407.9% Amortization of Intangible Assets -6.8 -5.2 +1.6 Share Based Compensation -15.9 -15.6 +0.3 One-off Items 68.7 -71.1 -139.7 IFRS Operating Income 53.0 14.4 -72.9% Financial
Slide 17: Q4/25 Revenue Breakdown
* Q4/25 Revenue Breakdown (JPY bn) +7.2% YoY 53.1 1.4 708.9 -19.3 4.1 8.6 661.6 -0.5 Domestic International Other Internet FinTech Mobile Consolidated Q4/24 Q4/25 EC Business Unit Services Segment Segment Adjustment Internet Services Segment *In Q1/25 and Q2/25, groupings was changed within the Inte
Slide 18: FY2025 Revenue Breakdown
* FY2025 Revenue Breakdown (JPY bn) +9.5% YoY 42.1 155.5 2,496.6 29.9 1.7 -67.9 56.0 2,279.2 Domestic International Other Internet FinTech Mobile Consolidated 2024 2025 EC Business Unit Services Segment Segment Adjustment Internet Services Segment *In Q1/25 and Q2/25, groupings was changed within th
Slide 19: Q4/25 Non-GAAP Operating Income Breakdown
* Q4/25 Non-GAAP Operating Income Breakdown (JPY bn) +49.9% YoY 5.8 18.8 47.9 -8.4 1.7 0.5 32.0 -1.1 -1.3 Other FinTech Domestic International Minority Mobile Consolidated Q4/24 Internet Segment Q4/25 EC Business Unit Investment Segment Adjustment Services Internet Services Segment *In Q1/25 and Q2/
Slide 20: FY2025 Non-GAAP Operating Income Breakdown
* FY2025 Non-GAAP Operating Income Breakdown (JPY bn) +1,407.9% YoY 47.1 1.8 106.3 46.5 13.7 2.4 7.0 -9.4 -2.9 Other FinTech Domestic International Minority Mobile Consolidated Q4/24 Internet Segment Q4/25 EC Business Unit Investment Segment Adjustment Services Internet Services Segment *In Q1/25 an
Slide 21: Q4/25 EBITDA Breakdown
*1*2 Q4/25 EBITDA Breakdown (JPY bn) +17.4% YoY 10.3 21.2 134.2 -10.6 114.3 1.5 -0.1 -1.1 -1.3 Other FinTech Domestic International Minority Mobile Consolidated Q4/24 Internet Segment Q4/25 EC Business Unit Investment Segment Adjustment Services Internet Services Segment *1: In Q1/25 and Q2/25, grou
Slide 22: FY2025 EBITDA Breakdown
*1*2 FY2025 EBITDA Breakdown (JPY bn) +33.7% YoY 65.1 435.9 -11.5 52.0 15.3 1.9 326.0 -9.4 -3.5 Other FinTech Domestic International Minority Mobile Consolidated 2024 Internet Segment 2025 EC Business Unit Investment Segment Adjustment Services Internet Services Segment *1: In Q1/25 and Q2/25, group
Slide 23: Consolidated and Major Subsidiaries' Balance Sheets (1) – As of Dec 2025
*1*2 Consolidated and Major Subsidiaries’ Balance Sheets (1) – As of Dec 2025 ※Non-consolidated balance sheets include internal transactions (JPY bn) *3 *4 Consolidated Rakuten Group, Inc. Rakuten Mobile, Inc. Total Assets Total Assets Total Assets *1: Rakuten Group, Inc. and Rakuten Mobile, Inc. ar
Slide 24: Consolidated and Major Subsidiaries' Balance Sheets (2) – As of Dec 2025
*1*2 Consolidated and Major Subsidiaries’ Balance Sheets (2) – As of Dec 2025 (JPY bn) *3 Rakuten Bank, Ltd. Rakuten Card Co., Rakuten Securities, Inc. Ltd. Total Assets Total Assets Total Assets *1: Based on IFRS non-consolidated balance sheets. *2: Bonds and borrowings include straight corporate b
Slide 25: Consolidated and Major Subsidiaries' Balance Sheets (1) – As of Dec 2025
Consolidated and Major Subsidiaries’ Balance Sheets (1) – As of Dec 2025 (JPY bn, rounded) Q3/25 Q4/25 QoQ Rakuten Group, Inc. (Consolidated) Total Assets 26,972.7 28,804.4 +6.8% *1 Cash and Equivalents 5,327.3 5,837.6 +9.6% Financial Assets for Securities Business 5,663.0 6,035.2 +6.6% Investment S
Slide 26: Consolidated and Major Subsidiaries' Balance Sheets (2) – As of Dec 2025
*1*2 Consolidated and Major Subsidiaries’ Balance Sheets (2) – As of Dec 2025 (JPY bn, rounded) Q3/25 Q4/25 QoQ Rakuten Group, Inc. (Non-consolidated) *Including internal transactions Total Assets 4,887.5 4,959.6 +1.5% *3 Cash and Cash Equivalents, etc. 303.3 397.0 +30.9% Other Assets 4,584.2 4,562.
Slide 27: 3. Segment Results and KPIs
3. Segment Results and KPIs 27
Slide 28: 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%*1 49.27%*2 Listed on TSE in Apr. 2023 Rakuten Rakuten Other domestic Rakuten Mobile, Rakuten Card Rakuten Bank, Securities Insurance and overseas
Slide 29: 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 Group COO Representative Director Chairman, President and Group Company President
Slide 30: Internet Services Segment Structure
* Internet Services Segment Structure Internet Services Segment Domestic EC Core Businesses ◼ Rakuten Ichiba ◼ Rakuten Travel ◼ Rakuten Rebates ◼ Rakuten GORA ◼ Ad Related Business etc. Growth Investment ◼ Rakuten Super Logistics Businesses ◼ Rakuten Mart ◼ Rakuten Books ◼ Rakuten24 ◼ Rakuten Fashio
Slide 31: FinTech Segment Structure
FinTech Segment Structure FinTech Segment Rakuten Card ◼ Rakuten Card Rakuten Bank ◼ Rakuten Bank Rakuten ◼ Rakuten Securities Securities ◼ Rakuten Life Insurance Insurance ◼ Rakuten General Insurance Business ◼ Rakuten Insurance Planning etc. ◼ Rakuten Pay Rakuten ◼ Rakuten Edy Payment ◼ Rakuten Po
Slide 32: Mobile Segment Structure
Mobile Segment Structure Mobile Segment ◼ Rakuten Mobile Rakuten ◼ Rakuten Energy (Rakuten Electricity, Rakuten Gas) Mobile ◼ Related investment Rakuten ◼ Rakuten Symphony Symphony Others ◼ Rakuten Communications etc. 32
Slide 33: Internet Services Segment
Internet Services Segment 33
Slide 34: Q4/25 Internet Services Segment Financial Results
Q4/25 Internet Services Segment Financial Results Non-GAAP Q4/25 (JPY bn) Revenue YoY Operating Income YoY *1 Domestic EC 279.3 +1.5% 41.2 +4.2% *2 Core Businesses 193.9 +1.6% 49.0 +1.9% *2 Growth Investment Businesses 85.4 +1.4% -7.8 +0.7 *1*3 International Business Unit 104.7 +8.9% 5.8 +8.7% Rakut
Slide 35: FY2025 Internet Services Segment Financial Results
FY2025 Internet Services Segment Financial Results Non-GAAP 2025 (JPY bn) Revenue YoY Operating Income YoY *1 Domestic EC 1,023.2 +5.8% 122.4 +12.6% *2 Core Businesses 710.2 +7.5% 162.6 +6.5% *2 Growth Investment Businesses 313.0 +2.0% -40.2 +3.7 *1*3 International Business Unit 314.3 +10.5% 7.8 +46
Slide 36: Q4/25 Internet Services Segment Revenue Breakdown
*1*2 Q4/25 Internet Services Segment Revenue Breakdown (JPY bn) +3.2% YoY 1.2 8.6 390.1 377.9 3.0 -0.5 Growth Investment International Other Internet Q4/24 Core Businesses Q4/25 Businesses Business Unit Services Domestic EC *1: In Q1/25 and Q2/25, groupings was changed within the Internet Services s
Slide 37: FY2025 Internet Services Segment Revenue Breakdown
*1*2 FY2025 Internet Services Segment Revenue Breakdown (JPY bn) +6.8% YoY 6.3 29.9 1.7 1,369.7 49.7 1,282.1 Growth Investment International Other Internet 2024 Core Businesses 2025 Businesses Business Unit Services Domestic EC *1: In Q1/25 and Q2/25, groupings was changed within the Internet Servic
Slide 38: Q4/25 Internet Services Segment Non-GAAP Operating Income Breakdown
*1*2 Q4/25 Internet Services Segment Non-GAAP Operating Income Breakdown (JPY bn) -0.8% YoY 0.9 2.7 0.5 37.7 37.4 -1.1 -1.3 -2.0 Growth Investment Logistics International Minority Other Internet Q4/24 Core Businesses Businesses Q4/25 Business Business Unit Investment Services (excl. Logistics Busine
Slide 39: FY2025 Internet Services Segment Non-GAAP Operating Income Breakdown
*1*2 FY2025 Internet Services Segment Non-GAAP Operating Income Breakdown (JPY bn) +4.5% YoY 6.9 2.4 10.0 88.9 85.1 -3.3 -9.4 -2.9 Growth Investment Logistics International Minority Other Internet Q4/24 Core Businesses Businesses Q4/25 Business Business Unit Investment Services (excl. Logistics Busi
Slide 40: Q4/25 Domestic EC GMS
Internet Services Segment Domestic EC International BU Minority Investment *1*2*3*4 Q4/25 Domestic EC GMS ■ Q4/25 GMS was negative YoY due to a reactionary decline following the revision of the rules for granting hometown tax donation points in Q3/25, but growth in the mid-single digits was recorded
Slide 41: FY2025 Domestic EC GMS
Internet Services Segment Domestic EC International BU Minority Investment *1*2*3*4 FY2025 Domestic EC GMS ■ Excluding the impact of the leap year in 2024, GMS achieved mid-single-digit growth YoY. The take rate increased due to strong advertising revenues, and increased revenues from high take rate
Slide 42: Q4/25 Domestic EC Revenue
Internet Services Segment Domestic EC International BU Minority Investment *1*2 Q4/25 Domestic EC Revenue ■ Core Businesses: Rakuten Ichiba revenue was negative YoY due to a backlash from hometown tax donations. However, Rakuten Travel saw a significant increase in revenue due to increased domestic
Slide 43: FY2025 Domestic EC Revenue
Internet Services Segment Domestic EC International BU Minority Investment *1*2 FY2025 Domestic EC Revenue ■ Core Businesses: Rakuten Ichiba, where advertising revenue was strong, and Rakuten Travel, where domestic demand recovered in the second half of the year in addition to strong inbound tourism
Slide 44: Q4/25 Domestic EC Operating Income
Internet Services Segment Domestic EC International BU Minority Investment *1*2 Q4/25 Domestic EC Operating Income ■ Core Businesses: Rakuten Ichiba's cost optimization efforts were successful, resulting in increased profits. Rakuten Travel's profit growth was driven by expanding domestic demand and
Slide 45: FY2025 Domestic EC Operating Income
Internet Services Segment Domestic EC International BU Minority Investment *1*2 FY2025 Domestic EC Operating Income ■ Core Businesses: Increased profits due to higher revenue from Rakuten Ichiba and Rakuten Travel ■ Growth Investment Businesses: Significant contributions to the improvement in losses
Slide 46: 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, despit
Slide 47: 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 Fukuoka Rakuten 24 Opened i
Slide 48: Q4/25 International Business Unit Revenue
Internet Services Segment Domestic EC International BU Minority Investment Q4/25 International Business Unit Revenue *1*2 ■ Rakuten Rewards recovered QoQ due to seasonality factors such as Black Friday, but growth slowed due to the macro environment ■ On the other hand, increased sales of Rakuten Ko
Slide 49: FY2025 International Business Unit Revenue
Internet Services Segment Domestic EC International BU Minority Investment *1*2 FY2025 International Business Unit Revenue ■ Rakuten Rewards growth slowed due to a cautious stance from U.S. retailers ■ Meanwhile, increased sales of Rakuten Kobo color devices and content, and strong performance in Ra
Slide 50: Q4/25 International Business Unit Operating Income
Internet Services Segment Domestic EC International BU Minority Investment Q4/25 International Business Unit Operating Income *1*2 ■ Although Rakuten Rewards recovered QoQ due to seasonal factors, OI growth was sluggish due to the macro environment ■ On the other hand, strong sales of Rakuten Kobo c
Slide 51: FY2025 International Business Unit Operating Income
Internet Services Segment Domestic EC International BU Minority Investment FY2025 International Business Unit Operating Income *1*2 ■ Rakuten Rewards’ OI growth was sluggish due to the impact of the macro environment. The EU struggled due to intensifying competition in Europe ■ Strong sales of Rakut
Slide 52: 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 FY2025 (As of the end of Dec-25) (As of the end of
Slide 53: Rakuten Capital Investment Performance
Internet Services Segment Domestic EC International BU Minority Investment Rakuten Capital Investment Performance *1 *2 (As of Dec 2025) (JPY bn) 291.8 Gain +158bn 68.5 Remaining (Unrealized) ROI*3 +118% IRR*3 +17.8% 134.0 223.4 Exit Amount (Realized) Int’l Inv. Remaining + Exited (2012~2025 Q4) *1:
Slide 54: Minority Investment Portfolio
Internet Services Segment Domestic EC International BU Minority Investment Minority Investment Portfolio Remaining Exit*2 Number of *1 Investments : 47 investments 49 investments E-Commerce Mobile*4 Healthcare SaaS Sustainability AI/Other Non R-Capital*3 2 investments Ride Sharing (Affiliated Compan
Slide 55: FinTech Segment
FinTech Segment 55
Slide 56: Q4/25 FinTech Segment Financial Results
Q4/25 FinTech Segment Financial Results Non-GAAP Q4/25 (JPY bn) Revenue YoY Operating Income YoY Rakuten Card 107.5 +16.9% 14.8 +2.3% Rakuten Bank 59.6 +54.2% 27.7 +40.9% *1 Rakuten Securities 46.0 +42.7% 16.0 +116.6% *2 Insurance Business 21.3 -3.9% 1.7 +116.8% *3 Rakuten Payment 29.0 +11.8% 3.2 +1
Slide 57: FY2025 FinTech Segment Financial Results
FY2025 FinTech Segment Financial Results Non-GAAP 2025 (JPY bn) Revenue YoY Operating Income YoY Rakuten Card 385.2 +13.2% 63.5 +2.1% Rakuten Bank 216.0 +39.1% 100.8 +50.2% *1 Rakuten Securities 158.1 +21.8% 45.3 +34.8% *2 Insurance Business 88.9 +4.0% 1.6 -45.8 *3 Rakuten Payment 105.8 +15.4% 9.5 +
Slide 58: Q4/25 FinTech Segment Revenue Breakdown
* Q4/25 FinTech Segment Revenue Breakdown (JPY bn) +24.6% YoY 13.7 3.1 0.7 269.2 20.9 -0.9 15.5 216.0 Rakuten Rakuten Rakuten Insurance Rakuten Q4/24 Card Bank Securities Business Payment Others Q4/25 *From Q3/25, Rakuten Securities’ off-shore subsidiaries were transferred from Rakuten Securities to
Slide 59: FY2025 FinTech Segment Revenue Breakdown
* FY2025 FinTech Segment Revenue Breakdown (JPY bn) +19.0% YoY 28.3 3.4 14.1 4.1 975.9 60.7 44.9 820.4 Rakuten Rakuten Rakuten Insurance Rakuten 2024 Card Bank Securities Business Payment Others 2025 *From Q3/25, Rakuten Securities’ off-shore subsidiaries were transferred from Rakuten Securities to
Slide 60: Q4/25 FinTech Segment Non-GAAP Operating Income Breakdown
* Q4/25 FinTech Segment Non-GAAP Operating Income Breakdown (JPY bn) +48.7% YoY 2.1 57.5 8.6 0.9 -1.2 8.0 38.7 0.3 Rakuten Rakuten Rakuten Insurance Rakuten Q4/24 Card Bank Securities Business Payment Others Q4/25 *From Q3/25, Rakuten Securities’ off-shore subsidiaries were transferred from Rakuten
Slide 61: FY2025 FinTech Segment Non-GAAP Operating Income Breakdown
* FY2025 FinTech Segment Non-GAAP Operating Income Breakdown (JPY bn) +30.3% YoY 11.7 5.0 199.9 33.7 -1.4 -3.8 153.4 1.3 Rakuten Rakuten Rakuten Insurance Rakuten 2024 Card Bank Securities Business Payment Others 2025 *From Q3/25, Rakuten Securities’ off-shore subsidiaries were transferred from Raku
Slide 62: Q4/25 Rakuten Card Financial Results and KPI
FinTech Segment Card Bank Securities Insurance Payment Q4/25 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, as well as due to an increase in revolving payment
Slide 63: FY2025 Rakuten Card Financial Results and KPI
FinTech Segment Card Bank Securities Insurance Payment FY2025 Rakuten Card Financial Results and KPI ■ Customer base continued to expand throughout 2025, contributing to increased GTV. Revenues continued to grow by double digits, continuing from last year ■ OI decreased YoY in the first half due to
Slide 64: Q4/25 Rakuten Bank Financial Results and KPI
FinTech Segment Card Bank Securities Insurance Payment Q4/25 Rakuten Bank Financial Results and KPI ■ An increase in the number of accounts and the progress in converting accounts into main accounts led to an expansion in deposit balances ■ With growth in middle-risk assets and Bank of Japan's polic
Slide 65: Q4/25 Rakuten Securities Financial Results and KPI
FinTech Segment Card Bank Securities Insurance Payment Q4/25 Rakuten Securities Financial Results and KPI ■ Customer acquisition via the New NISA continues to be strong. Assets under custody exceeded JPY 10 tn in December ■ Leveraging a favorable market environment, the number of accounts expanded,
Slide 66: FY2025 Rakuten Securities Financial Results
FinTech Segment Card Bank Securities Insurance Payment FY2025 Rakuten Securities Financial Results ■ Dramatic expansion of customer base through New NISA, as well as market activity and rising interest rates, drove revenues ■ Record high full-year revenue Revenue* (JPY bn) Non-GAAP Operating Income*
Slide 67: Q4/25 Insurance Business Financial Results
FinTech Segment Card Bank Securities Insurance Payment Q4/25 Insurance Business Financial Results ■ Sales of both life insurance and general insurance were strong, but revenue decreased due to the discontinuation of sales of some low-profit products in general insurance ■ Profitability improved and
Slide 68: FY2025 Insurance Business Financial Results
FinTech Segment Card Bank Securities Insurance Payment FY2025 Insurance Business Financial Results ■ For both life insurance and general insurance, selection and concentration of sales channels and product portfolios has been successful, and profitability is improving, excluding one-time losses Reve
Slide 69: Q4/25 Rakuten Payment Financial Results
FinTech Segment Card Bank Securities Insurance Payment Q4/25 Rakuten Payment Financial Results ■ GTV continues to expand as the number of Rakuten Pay app users increases, resulting in sustained revenue growth ■ Cost levels remain low, resulting in significant profit growth Revenue (JPY bn) Non-GAAP
Slide 70: FY2025 Rakuten Payment Financial Results
FinTech Segment Card Bank Securities Insurance Payment FY2025 Rakuten Payment Financial Results ■ In addition to the continued increase in GTV due to the expansion of the customer base, primarily through the Rakuten Pay app, significant growth in advertising sales contributed to increased revenue ■
Slide 71: Mobile Segment
Mobile Segment 71
Slide 72: Q4/25 Mobile Segment Financial Results
Q4/25 Mobile Segment Financial Results Non-GAAP Q4/25 (JPY bn) Revenue YoY Operating Income YoY *1*2 Rakuten Mobile 101.8 +24.9% -40.8 +5.4 MNO 56.6 +21.5% *3 MVNO 1.1 -32.9% Device and Accessory 22.5 +24.1% Other Mobile (including Rakuten Hikari, etc.) 13.0 -13.9% *4 Other Businesses 8.5 +8.5 Rakut
Slide 73: FY2025 Mobile Segment Financial Results
FY2025 Mobile Segment Financial Results Non-GAAP 2025 (JPY bn) Revenue YoY Operating Income YoY *1*2 Rakuten Mobile 374.7 +32.0% -166.0 +50.3 MNO 209.3 +25.9% *3 MVNO 5.2 -38.4% Device and Accessory 73.3 +27.1% Other Mobile (including Rakuten Hikari, etc.) 51.7 +0.2% *4 Other Businesses 35.3 +35.3 R
Slide 74: Q4/25 Mobile Segment Revenue Breakdown
*1*2 Q4/25 Mobile Segment Revenue Breakdown (JPY bn) +1.0% YoY 20.3 139.9 -7.9 141.3 -11.0 Q4/24 Rakuten Mobile Rakuten Symphony Others Q4/25 *1: From February 2025, Rakuten Energy, Inc. was absorbed into Rakuten Mobile, Inc. *2: From April 2025, part of the Rakuten Communications business was absor
Slide 75: FY2025 Mobile Segment Revenue Breakdown
*1*2 FY2025 Mobile Segment Revenue Breakdown (JPY bn) +9.6% YoY 90.8 0.7 482.8 -49.4 440.7 2024 Rakuten Mobile Rakuten Symphony Others 2025 *1: From February 2025, Rakuten Energy, Inc. was absorbed into Rakuten Mobile, Inc. *2: From April 2025, part of the Rakuten Communications business was absorbe
Slide 76: Q4/25 Mobile Segment Non-GAAP Operating Income/Loss Breakdown
*1*2*3 Q4/25 Mobile Segment Non-GAAP Operating Income/Loss Breakdown (JPY bn) Q4/24 Rakuten Mobile Others Q4/25 5.4 0.4 -35.0 -40.7 JPY +5.8 bn YoY *1: From February 2025, Rakuten Energy, Inc. was absorbed into Rakuten Mobile, Inc. *2: From April 2025, part of the Rakuten Communications business was
Slide 77: FY2025 Mobile Segment Non-GAAP Operating Income/Loss Breakdown
*1*2*3 FY2025 Mobile Segment Non-GAAP Operating Income/Loss Breakdown (JPY bn) 2024 Rakuten Mobile Others 2025 50.3 -3.2 -161.8 -208.9 JPY +47.1 bn YoY *1: From February 2025, Rakuten Energy, Inc. was absorbed into Rakuten Mobile, Inc. *2: From April 2025, part of the Rakuten Communications business
Slide 78: Rakuten Mobile, Inc. Quarterly Financial Results
Mobile Segment Rakuten Mobile Rakuten Symphony Rakuten Mobile, Inc. Quarterly Financial Results Non-GAAP *1 Revenue (JPY bn) Operating Income*3*4 (JPY bn) EBITDA3*4*5 (JPY bn) Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 102 95 91 9 87 82 11 8 13 8 15 14 12 13 23 17 -39 -37 8 18 18 16
Slide 79: Rakuten Mobile, Inc. Yearly Financial Results
Mobile Segment Rakuten Mobile Rakuten Symphony Rakuten Mobile, Inc. Yearly Financial Results Non-GAAP *1 Revenue (JPY bn) Operating Income*3*4 (JPY bn) EBITDA*3*4*5 (JPY bn) 375 FY2023 FY2024 FY2025 FY2023 FY2024 FY2025 35 284 52 19 225 52 -7 73 -159 -47 36 -209 58 -7 57 -295 -7 -146 214 175 -7 132
Slide 80: Rakuten Mobile, Inc. Operating Cost and Capital Expenditure
Mobile Segment Rakuten Mobile Rakuten Symphony Rakuten Mobile, Inc. Operating Cost and Capital Expenditure ■ Through ongoing cost control, operating expenses will remain at a steady level ■ FY2025 capex was JPY 62.9 bn, with FY2026 capex planned at around JPY 200 bn Operating Cost (including Depreci
Slide 81: Rakuten Mobile MNO Subscribers (B2C+B2B)
Mobile Segment Rakuten Mobile Rakuten Symphony *1 Rakuten Mobile MNO Subscribers (B2C+B2B) ■ In addition to strong B2C acquisitions due to growing awareness of various synergies with Rakuten Ecosystem, net additions increased due to efforts to turn the B2B pipeline into contracts by the end of 2025
Slide 82: Rakuten Mobile MNO Churn (B2C+B2B)
Mobile Segment Rakuten Mobile Rakuten Symphony Rakuten Mobile MNO Churn (B2C+B2B) ■ Adjusted churn increased QoQ due to seasonal factors. However, as a measure to address users with high short- term liquidity, a contract administration fee was introduced for contracts with a cumulative total of five
Slide 83: ARPU
Mobile Segment Rakuten Mobile Rakuten Symphony ARPU*1 ■ Growth driven by data ARPU (up JPY 24 YoY). Net ARPU increased JPY 59 YoY to JPY 2,467 2,857 2,827 2,861 2,873 2,860 (JPY) 746 749 736 736 741 91 56 63 61 69 ■ Ecosystem*2 200 201 203 203 205 88 84 86 92 89 ■ Others*3 1,732 1,737 1,773 1,781 1,
Slide 84: 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 ARPU Rakuten Mobile MNO subscribers is now added to the calculation (di
Slide 85: 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 Q4 reached a record high of 1.14GB Averaged data consumption volume per day (GB) 1.14 1.09 1.02 1.00 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
Slide 86: 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 87: Rakuten Symphony Revenue
Mobile Segment Rakuten Mobile Rakuten Symphony Rakuten Symphony Revenue ■ Revenue growth was driven by an increase in software deliveries and other professional services in areas such as RAN and OSS (USD mm) 300 231 226 Started full-fledged delivery for 1&1 161 Entered into 134 partnership with 118
Slide 88: Ad Business
Ad Business 88
Slide 89: Ad Business Financial Results
*1 Ad Business Financial Results Q4/25 Revenue*2 (JPY bn) FY2025 Revenue*2 (JPY bn) +9.2% +8.3% YoY YoY 67.3 239.2 61.6 220.8 Q4/24 Q4/25 2024 2025 *1: Aggregates advertising revenues from domestic operating entities. The advertising business outside of Japan is included in the International Busines
Slide 90: 4. Finance
4. Finance 90
Slide 91: How Currency Swaps Work
How Currency Swaps Work • A cross-currency swap is a contract in which principal and interest denominated in different currencies are exchanged for a specified period of time Overview • Exchange of principal and interest between different currencies • Both companies have the advantage of being able
Slide 92: Subordinated Bond Flow (Hedge Accounting Applied)
Subordinated Bond Flow (Hedge Accounting Applied) • If the subordinated bonds are recognized as liabilities (recorded as liabilities), hedge accounting is applied. Quarterly change in the fair value of the currency swap (derivative gains and losses) will offset change in the Overview exchange rate v
Slide 93: Perpetual Subordinated Bond Flow (Hedge Accounting is Not Applied)
Perpetual Subordinated Bond Flow (Hedge Accounting is Not Applied) • If perpetual subordinated bonds are recognized as capital (recorded as net assets), hedge accounting cannot be applied. Quarterly change in the market value of currency swaps (derivative gains and losses) will Overview be recognize
Slide 94: Sensitivity Analysis of Derivative Gains and Losses on Currency Swaps
Sensitivity Analysis of Derivative Gains and Losses on Currency Swaps ■ Rakuten entered into currency swap agreements for the principal and interest of foreign currency-denominated perpetual subordinated bonds between U.S. dollars, euros, and Japanese yen ■ The valuation of the currency swaps is imp
Slide 95: Cash Conversion Cycle Improvements
Cash Conversion Cycle Improvements ■ Continuing efforts to optimize working capital to reduce leverage ■ Achieved well over the goal of generating JPY 200 bn cumulative cash from Non-FinTech businesses by the end of FY2025, and surpassed the JPY 300 bn level Cumulative total Achieved cash generation
Slide 96: 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 JPY 296 bn JPY 87 bn ●Strategic Transaction ●Strategic Transaction ●Third-party allotme
Slide 97: Rakuten Mobile Funding Flow
Rakuten Mobile Funding Flow Dividends, management fees, etc. Rakuten Mobile, Inc. FinTech raised JPY 170 bn FY2025: Companies JPY 40.6 bn through lease financing in Q3/24 Independently regulated and funded Equity/Loan Rakuten Group, Inc. Rakuten Mobile, Inc. Dividends, management fees, FCF from Inte
Slide 98: 5. ESG
5. ESG 98
Slide 99: Group Sustainability Strategy
Group Sustainability Strategy ■ In 2022, Rakuten announced “Vision 2030”, its mid-long-term management plan, with sustainability identified as one the pillars supporting the achievement of ambitious business goals. In 2024, the Group sustainability strategy was updated with the adoption of goals by
Slide 100: Awards and Recognitions
Awards and Recognitions ■ Rakuten’s efforts towards the realization of sustainable society have been recognized in Japan and overseas ESG Investment Indexes Recognition (Dow Jones Best-in-Class World Index) *The inclusion of Rakuten Group, Inc. in any MSCI index, and the use of MSCI logos, trademark
Slide 101: This presentation includes forward-looking statements that reflect management’s current assumptions and expectations …
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