Rakuten Group, Inc. · TSE:4755
Rakuten — Q4 2025 Earnings Presentation
75 slides from Rakuten's earnings presentation, Feb 12, 2026
Slide 1: FY2025 Fourth Quarter and Full Year Consolidated Financial Results
FY2025 Fourth Quarter and Full Year Consolidated Financial Results February 12, 2026 Rakuten Group, Inc.
Slide 2: Agenda
Agenda 1 Summary 2 Segment Results ・Internet Services Segment ・FinTech Segment ・Mobile Segment 3 Finance 4 AI 2
Slide 3: 1. Summary
1. Summary 3
Slide 4: Rakuten Mobile Number of Subscribers
Rakuten Mobile Number of Subscribers ■ MVNO ■ MNO Accelerating growth to further 9 mm Jul/25 expand the subscriber base 8 mm Oct/24 7 mm Jun/24 6 mm Dec/23 5 mm Aug/23 4 mm Sep/21 3 mm Mar/21 20年4月 Apr/20 Dec/20 Dec/21 Dec/22 Dec/23 Dec/24 25年12月 Dec/25 4
Slide 5: Rakuten Mobile EBITDA: Achieved Full Year Profitability
Rakuten Mobile EBITDA: Achieved Full Year Profitability (JPY bn) 13 JPY 12.9 bn -54 +66.7 bn YoY -153 -172 -326 -325 2020 2021 2022 2023 2024 2025 2025 *Including investment gains/losses related to the Mobile business from Q4/25 5
Slide 6: FY2025 Consolidated Revenue
FY2025 Consolidated Revenue (JPY tn) 3.0 2.5 JPY tn 2.5 +9.5% YoY 2.0 29 years of 1.5 consecutive 1.0 revenue growth 0.5 Consolidated Revenue ■ Mobile Segment 0.0 ■ FinTech Segment ■ Internet Services Segment ■ Consolidation Adjustments -0.5 2016 2016 2017 2017 2018 2018 2019 2019 2020 2020 2021 202
Slide 7: FY2025 Consolidated Non-GAAP OI
FY2025 Consolidated Non-GAAP OI (JPY bn) 300 200 JPY 106.3 bn 100 +99.2 bn YoY 0 -100 Achieved significant profit -200 growth -300 -400 Consolidated Non-GAAP OI ■ Mobile Segment -500 ■ FinTech Segment ■ Internet Services Segment -600 ■ Consolidation Adjustments 2016 2017 2018 2019 2020 2021 2022 202
Slide 8: FY2025 Consolidated EBITDA
FY2025 Consolidated EBITDA*1*2 (JPY bn) 500 400 JPY 435.9 bn +33.7% YoY 300 200 Mobile segment turned 100 profitable, reaching a new record high 0 -100 -200 Consolidated EBITDA ■ Mobile Segment -300 ■ FinTech Segment ■ Internet Services Segment ■ Consolidation Adjustments -400 2016 2017 2018 2019 20
Slide 9: FY2025 Earnings Targets: Achieved Targets Set at the Beginning of 2025
FY2025 Earnings Targets: Achieved Targets Set at the Beginning of 2025 Consolidated Non-GAAP OI Rakuten Mobile expansion full-year EBITDA profitability Achieved Achieved (JPY bn) (JPY bn) 167 161 106 120 95 7 13 -54 -103 -153 -153 -172 -225 -335 -326 -325 2016 2019 2022 2025 2020 2021 2022 2023 2024
Slide 10: FY2026 Earnings Policy
FY2026 Earnings Policy 106.3 (JPY bn) ■ 2024 ■ 2025 Aim for significant growth in Non-GAAP and 7.0 14.4 IFRS operating income -53.9 Non-GAAP Non-GAAP OI IFRS OI** IFRS営業利益 営業利益 *FY2024 excludes one-off gains related to the revaluation of AST shares 10
Slide 11: FY2026: Three Areas of Priority
FY2026: Three Areas of Priority 1. Expanding ecosystem synergies with Rakuten Mobile • Expanding synergies with E-Commerce and FinTech services • Leveraging Rakuten Mobile's assets, such as data and shops, to promote group services and provide new value 2. Acceleration of AI utilization • Appoint AI
Slide 12: 2. Segment Results
2. Segment Results 12
Slide 13: Internet Services Segment
Internet Services Segment 13
Slide 14: Internet Services Segment: FY2025 Financial Highlights
Internet Services Segment: FY2025 Financial Highlights ■ Domestic EC: Increased revenue driven by Rakuten Ichiba and Travel, and profits increased due to improved losses in growth investment businesses such as the logistics business ■ International BU: Increased revenue and profits driven by Rakuten
Slide 15: Internet Services Segment: FY2025 Key KPIs
Internet Services Segment: FY2025 Key KPIs Domestic EC GMS*1*2 Travel Business GTV*3 JPY 6.3 tn +4.2% +7.6% YoY YoY +3.9% Adjusting for the impact of YoY 2024 being a leap year *4 International BU*1*5 Advertising Revenue*6 Investment Business IRR Revenue (Total for all segments) +17.8% USD 2.1 bn JP
Slide 16: Domestic EC: FY2025 Financial Results
Domestic EC: FY2025 Financial Results ■ Excluding the impact of 2024 being a leap year, GMS achieved mid-single-digit growth. In addition to the solid profit contribution from Core Businesses, improvement in losses in Growth Investment Businesses such as logistics contributed to higher operating inc
Slide 17: Rakuten Ichiba: Accelerating GMS Growth
Rakuten Ichiba: Accelerating GMS Growth ■ Synergies with Rakuten Mobile remain strong. Aim to strengthen our efforts to promote Rakuten Ichiba to Mobile subscribers ■ Utilizing AI to uncover potential needs and assist with purchasing decisions. Also aim to accelerate growth through the release of ne
Slide 18: Travel Business: Aim for a GTV Growth Rate that Exceeds FY2025
Travel Business: Aim for a GTV Growth Rate that Exceeds FY2025 ■ Global Travel GTV achieved strong growth, primarily driven by inbound tourism. Domestic Travel GTV was also positive YoY ■ Although the number of visitors to Japan decreased following the Chinese government's call to refrain from trave
Slide 19: Growth Investment Businesses: Achieving Continuous Improvement in Losses
Growth Investment Businesses: Achieving Continuous Improvement in Losses ■ In each of the Growth Investment Businesses, various efforts to reduce losses have been successful. Focus is on achieving early profitability Non-GAAP OI Logistics Business Online Grocery Business NBA Distribution Business 20
Slide 20: International BU: FY2025 Financial Results
*1*2 International BU : FY2025 Financial Results ■ Open Commerce saw headwinds due to the US macroeconomic landscape. In the EU, losses widened due to intensifying competition for Rakuten TV and other services ■ However, overall revenue and OI grew as Rakuten Kobo devices and contents performed well
Slide 21: FinTech Segment
FinTech Segment 21
Slide 22: FinTech Segment: FY2025 Financial Highlights
FinTech Segment: FY2025 Financial Highlights ■ Double-digit revenue growth driven by an increase in Rakuten Card's GTV and Rakuten Bank's interest income, etc. ■ Significant profit growth driven by improved efficiency across all businesses Revenue Non-GAAP OI JPY 975.9 bn JPY 199.9 bn +19.0% +30.3%
Slide 23: FinTech Segment: FY2025 Key KPIs
FinTech Segment: FY2025 Key KPIs Rakuten Card Rakuten Bank Rakuten Bank Shopping GTV Accounts*1 Deposit Balance*1*2 JPY 26.5 tn 17.63 mm JPY 13.2 tn +10.3% +7.0% +10.0% YoY YoY YoY Rakuten Securities Rakuten Securities Rakuten Securities General Accounts*1 NISA Accounts*1*3 Deposited Assets*1*2 13.2
Slide 24: Rakuten Card: GTV Expanded
Rakuten Card: GTV Expanded. Despite an Increase in Interest Expenses, Profit Growth was Achieved ■ Shopping GTV continues to grow. Revenue significantly increased, coupled with factors such as a rise in revolving payment fees ■ Despite the increase in interest expenses (approximately 1.5 times YoY),
Slide 25: Rakuten Payment: GTV Expansion and Increased Ad Sales
Rakuten Payment: GTV Expansion and Increased Ad Sales Drove Revenue Growth, Leading to Profitability for the Second Consecutive Year ■ Increase in Rakuten Pay's GTV and ad revenue growth (+41% YoY) contributed to the achievement of OI profitability for the second consecutive year ■ From December 202
Slide 26: Rakuten Bank (Consolidated): Performance Highlights
*1 Rakuten Bank (Consolidated): Performance Highlights (J-GAAP, Nine months ended Dec 25*2) ■ Deposit balances expanded due to an increase in the number of accounts and progress in converting accounts into main accounts. Interest income grew significantly through the accumulation of diverse investme
Slide 27: Rakuten Securities: Record-High Revenue
Rakuten Securities: Record-High Revenue Driven by New NISA and Strong Market ■ Customer acquisition via the New NISA continued to be strong last year, and in December, New NISA assets exceeded JPY 10 tn ■ Record-high revenue was recorded, driven by a booming market and rising interest rates *1 *1*2
Slide 28: Insurance Business: Further Improvement through Selection and Concentration
Insurance Business: Further Improvement through “Selection and Concentration” ■ Both Life and General Insurance have seen improved profitability due to successful "selection and concentration" in sales channels and product portfolios. Revenue (JPY bn) Non-GAAP Operating Income (JPY bn) 83.8 79.0 80.
Slide 29: General Insurance: Improving Profitability Through Selection and Concentration
General Insurance: Improving Profitability Through “Selection and Concentration” ■ Growth is being promoted by concentrating investment on highly profitable products through "selection and concentration" of the product portfolio ■ Proportion of focused product groups within premium income is steadil
Slide 30: Mobile Segment
Mobile Segment 30
Slide 31: Mobile Segment: FY2025 Highlights
Mobile Segment: FY2025 Highlights ■ In addition to revenue growth in the Mobile business, Rakuten Symphony's profitability improved, and the Mobile Segment achieved its first full-year profit on an EBITDA basis Revenue Non-GAAP OI EBITDA* JPY 482.8 bn JPY -161.8 bn JPY 28.8 bn +9.6% +47.1 bn YoY +65
Slide 32: Mobile Segment: Main KPIs
Mobile Segment: Main KPIs Total Subscribers*1 Adjusted Churn*2 ARPU*3 （As of Dec 2025） （Q4/25） （Q4/25） 10.01 mm 1.46% JPY 2,860 +1.71 mm YoY Q4/24: 1.38% JPY +3 YoY Number of Customers*4 Number of Partners （As of Dec 2025） （As of Dec 2025） 74 customers 17 partners +30 customers YoY *1: Total of MNO,
Slide 33: Rakuten Mobile
Rakuten Mobile
Slide 34: Rakuten Mobile: Quarterly Financial Trends
*1*2*3 Rakuten Mobile : Quarterly Financial Trends ■ Q4 revenue grew double digits YoY, driven by an increase in subscribers ■ OI loss increased QoQ due to upfront investments to strengthen sales promotion capabilities, but the loss is expected to shrink from Q1/26 onwards Revenue*1 (JPY bn) Non-GAA
Slide 35: Rakuten Mobile EBITDA and PMCF
*1*2*3 *4 *5 Rakuten Mobile EBITDA and PMCF ■ Achieved full-year EBITDA profit. Although EBITDA decreased QoQ due to upfront investments to strengthen sales promotion capabilities, PMCF (excluding customer acquisition-related expenses) continued to grow +14.9 bn YoY Achieved positive (JPY bn) EBITDA
Slide 36: Net Increase in MNO Subscribers
Net Increase in MNO Subscribers ■ 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 +143.8% (Thousand subscribers) ■ New openings Net increase
Slide 37: MNO (B2C) Composition by Age
MNO (B2C) Composition by Age ■ In addition to strong acquisition from Rakuten Ecosystem, which primarily focuses on users in their 30s and 40s, promotion of devices and contents such as Rakuten SAIKYO U-NEXT has been successful. This has resulted in strong acquisition of users with high data usage,
Slide 38: MNO Churn
MNO Churn ■ Adjusted churn increased QoQ due to seasonal factors, but as a measure to curb short-term users, a contract administration fee was introduced from November 2025 for contracts with a total of 5 lines or more, and as a result, the churn rate for the month of December 2025 improved compared
Slide 39: MNO ARPU
*1 MNO ARPU ■ Growth driven by data ARPU (up JPY 24 YoY). Net ARPU increased JPY 59 YoY to JPY 2,467 Nurturing 2,857 2,827 2,861 2,873 2,860 (JPY) Limited to 866 746 749 736 736 741 users with over 1 year contract 91 56 63 61 69 200 201 203 203 205 88 84 86 92 89 ■ Ecosystem*2 1,732 1,737 1,773 1,78
Slide 40: Aim to Boost ARPU in Multiple Ways through Various Measures
Aim to Boost ARPU in Multiple Ways through Various Measures Data ARPU Options ARPU Other ARPU (Ads) Security options for B2C In addition to Rakuten Mobile’s SAIKYO Expansion of SAIKYO Protection promotional push Thanks Festival high-end devices (From Aug/25) SAIKYO RakuFes in Feb B2B call recording
Slide 41: SAIKYO U-NEXT: New Campaign from March 2026
SAIKYO U-NEXT: New Campaign from March 2026 *1 *2 *4 *3 *5*6*7 *8 *1:speed restriction may apply. Some numbers are not eligible. *2:Call charges and other charges are not included. *3: Paid content may be available. *4 :U-NEXT is the No. 1 provider of all-you-can-watch services (GEM Partners survey,
Slide 42: Rakuten Mobile x Rakuten Bank Bonus Interest Rate
* Rakuten Mobile x Rakuten Bank Bonus Interest Rate Launched Feb 2026 subscribers subscribers Maximum interest rate Maximum interest rate Over 2x normal rate 0.56% pa (After-tax: 0.446% pa） 0.64% pa (After-tax: 0.509% pa） Normal interest rate 0.30% pa Normal interest rate 0.30% pa or or Preferential
Slide 43: Commitment to Strengthen Network in 2026
Commitment to Strengthen Network in 2026 Aiming to become the No. 1 carrier, with a high-quality network 43
Slide 44: Focus on Improving Network Quality in 2026
Focus on Improving Network Quality in 2026 Network quality is key to increasing Further investment in own network is subscribers essential Reputation Built a nationwide Customer KDDI’s satisfaction of network network at an quality unprecedented speed network Churn Acquisitions Accelerated growth in
Slide 45: FY2026 Capex Plan
FY2026 Capex Plan ■ FY2025: Fell behind our initial plan due to delays in securing construction company resources. On an order basis, we completed orders worth just over JPY 100bn ■ FY2026: Accelerate base station construction by building a close cooperative relationship with related companies and c
Slide 46: Examples of Priority Areas with Frequent Customer Requests
Examples of Priority Areas with Frequent Customer Requests Downtown and Subways crowded areas Bandwidth expansion Distributing traffic through (5→20MHz) deployment of 5G, etc. of shared base stations 46
Slide 47: Tokyo: Additional 5G Base Stations to be Built
Tokyo: Additional 5G Base Stations to be Built ■ Densifying network in Tokyo and improving connectivity during peak hours 5G base stations under construction in Tokyo 5G base stations (under construction) 47
Slide 48: Yamanote Line Stations: Strengthening 5G Network
Yamanote Line Stations: Strengthening 5G Network 5G available at 18 major stations on Yamanote Line as of Dec/25 Shin-Okubo, Takadanobaba, Mejiro, Otsuka, Sugamo, Komagome, Tabata, Nishi-Nippori, Uguisudani, Okachimachi, Kanda, Yurakucho, Tamachi, Takanawa Gateway, Gotanda, Meguro, Ebisu, Harajuku E
Slide 49: Tokyo Subway Network: Tokyo Metro
Tokyo Subway Network: Tokyo Metro / Significantly enhanced Before completion As of end Jan/26 49
Slide 50: Tokyo Subway Network: Tokyo Metro
Tokyo Subway Network: Tokyo Metro / Significantly enhanced Before completion Upgraded As of Jul/26 50
Slide 51: Tokyo Subway Network: Toei Subway
Tokyo Subway Network: Toei Subway / Significantly enhanced Before completion As of end Jan/26 51
Slide 52: Tokyo Subway Network: Toei Subway
Tokyo Subway Network: Toei Subway / Significantly enhanced Before completion Upgraded As of Jul/26 52
Slide 53: User Survey Regarding Network Quality
User Survey Regarding Network Quality ■ More and more people "feel network quality has improved” Q. How have your feelings changed about signals and network quality since you first signed the contract? *1 *2 2024 2025 77.8% 83.2% (+5.4pt) *1: Survey period: December 16-23, 2024, N = 88,108. *2: Surv
Slide 54: Most Attractive Pricing Plan
Most Stronger Attractive Stronger Ecosystem Pricing Network Synergies Plan Accelerating subscriber growth 54
Slide 55: Rakuten Symphony
Rakuten Symphony
Slide 56: Rakuten Symphony
Rakuten Symphony ■ Strong performance in RAN software, other professional services and OSS contributed to profitability ■ First-ever profit at the Non-GAAP OI level achieved in FY2025, with further profit improvement expected in FY2026 Revenue breakdown (USD mm) 611.3 Non-GAAP OI turned 571.3 Profit
Slide 57: 3. Finance
3. Finance 57
Slide 58: FY2025 Consolidated Financial Results Summary
FY2025 Consolidated Financial Results Summary ■ Achieved positive IFRS OI without relying on one-off gains, thanks to significant increase in non-GAAP OI ■ Continue to optimize our business portfolio to mitigate the impact of one-off factors on net profit/loss (JPY bn) Unrealized gains/losses 4.4 on
Slide 59: Q4/25 Impairment Losses
Q4/25 Impairment Losses ■ Impairment losses recorded for Rakuten Symphony, Logistics business, and other businesses during Q4/25 ■ The recognition of these losses has helped reduce the risk of future impairment losses across the Group Rakuten Symphony Review of the valuation of key assets related to
Slide 60: Corporate Income Tax Details
Corporate Income Tax Details ■ FY2024 had both positive and negative one-off factors. FY2025 settled at a more normalized level ■ Majority of corporate income tax, etc., is from FinTech companies outside the consolidated tax group that continue to grow rapidly (JPY bn) ■ Deferred tax expense ■ Tax e
Slide 61: FY2025 Funding
FY2025 Funding ■ Successfully re-accessed the Japanese retail market through the issuance of sustainability bonds in July 2025 ■ Progress made in diversifying funding sources, including the issuance of perpetual subordinated bond domestically and further improvements to the cash conversion cycle FY2
Slide 62: Market Assessment of Our Credit Improvement
Market Assessment of Our Credit Improvement ■ Efforts to improve our financial soundness have been well received by the market, and assessment of our credit continues to improve Rising price of unsecured dollar-denominated corporate bond issued in 2024* Rakuten 5-year CDS tightened 115 600 bps 500 b
Slide 63: Future Financing Policy
Future Financing Policy ■ Rakuten Mobile to continue to seek “Self-Funding” solutions to meet its capital needs ■ For bond redemptions, will consider early funding solutions by leveraging our access to domestic, international, wholesale and retail markets Funding needs for corporate bond Funding nee
Slide 64: FY2026 Financial Targets
FY2026 Financial Targets ■ Aim for significant increases in non-GAAP OI and IFRS OI *1*2 *3 ■ Maintain targets for non-FinTech net interest-bearing debt /EBITDA , aiming for approx. 6x in fiscal 2026 Trends in Non-FinTech *4 Non-GAAP OI/IFRS OI (JPY bn) 1,400,000 net interest-bearing debt and EBITDA
Slide 65: 4. AI
4. AI 65
Slide 66: Rakuten's AI-nization Plan
Rakuten’s AI-nization Plan Vision Augment human creativity with the power of AI World Knowledge BETTER PRODUCTIVITY, Strategy Customer Expertise MODELS, AND CUSTOMER EXPERIENCE Context Knowledge Unique Data Online＋Offline Growth Assets Channels “Flywheel” Wave 1 Wave 2 Wave 3 Execution Deep Learning
Slide 67: 2025: AI Contributed JPY25.5 bn in Profit
2025: AI Contributed JPY25.5 bn in Profit ■ Strong deployment of AI tools and services across the Ecosystem drove profit contribution that beat 2025 expectations ■ Strategic initiatives, product roadmap, and customer reach position AI contributions for a 3x increase in 2026 relative to 2024 Profit G
Slide 68: 2025: A Strong Cadence of AI-powered Launches Across the Ecosystem
2025: A Strong Cadence of AI-powered Launches Across the Ecosystem ■ A range of tools and services to empower merchants, consumers, and business partners Personal & Popularity Discovery Rakuten Promotion Search Recommendation Platform Tailor search results per user preferences Display products and c
Slide 69: 2025 Ads Launch: Category Word Ads
2025 Ads Launch: Category Word Ads ■ Programmatic advertising service for brands and categories launched on October 1 and delivered JPY152 million in ad sales in December 2025, representing 6x growth over September Delivers display ads Delivered relevant to search 152 mm keywords JPY in ad sales (De
Slide 70: Rakuten AI + Agentic Platform Launched Across the Ecosystem
2025: Rakuten AI + Agentic Platform Launched Across the Ecosystem ■ Cadence of launches brought the power of collaborative, proactive AI to 45.6 million active ecosystem users Full-scale launch of Rakuten AI on Rakuten Ichiba in December 2025 AI assistance for Find your Discover the Rakuten Mobile p
Slide 71: Raptor: Rakuten AI for Customer Service
Raptor: Rakuten AI for Customer Service ■ Expect to deliver JPY4.3 bn in annualized cost saving in 2026 with at least 10 businesses launching Raptor ■ The service offers flexible intent understanding with the power of generative AI vs. rigid, predefined workflows ■ Significantly improve auto resolut
Slide 72: Rakuten AI 3.0: Next-gen LLM
Rakuten AI 3.0: Next-gen LLM Delivers Higher Performance and Cost Efficiency ■ Combining our unique data, engineering expertise, and operational precision to make cutting- edge Japanese language performance accessible to every business and professional in Japan Strategy: 3.0 Optimize LLMs to solve t
Slide 73: Rakuten AI: Looking Ahead
Rakuten AI: Looking Ahead ■ Rakuten AI is becoming an intelligent fabric that connects Rakuten services and drives growth of Ecosystem users and usage Super Agent as the From Inspirations to Actions New Intelligent Fabric Task Completion From Cloud to Edge and Local Plan, Execute and Iterate Context
Slide 74: Rakuten
Rakuten
Slide 75: This presentation includes forward-looking statements
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