Rakuten Group, Inc. · TSE:4755
Rakuten — Q1 2024 Earnings Presentation
76 slides from Rakuten's earnings presentation, May 2024
Slide 1: 202457 BF 1MeER RSMAS (tH)
202457 BF 1MeER RSMAS (tH) FLRYF—VavaHR 2024 5 A148 RR W—FRASH
Slide 2: 2O24SFA DEKE INA VHD
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Slide 3: Key topics
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Slide 4: 1. Q1/24 Results
1. QU/24 INTIAL
Slide 5: Q1/24 consolidated results
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Slide 6: Q1/24 Non-GAAP results
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Slide 7: Q1/24 EBITDA
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Slide 8: tHalBis(C DUT
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Slide 9: 2. Business segment results
2.0IXyY bala
Slide 10: Internet Services
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Slide 11: Internet Services: Q1/24 results
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Slide 12: Internet Services: KPIs
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Slide 13: SPURU0/SMERERA MEO RAT = BLES SEES E
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Slide 14: BAEC —iBitB <iRlt SBE) OFM =
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Slide 15: FSS his O FERRIC IT TE
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Slide 16: MinBR RFCS Vt EARS A
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Slide 17: BAS RO Rinse, PHORFALS Bias
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Slide 18: Fintech
Dr yFyvIeEFAVh 18
Slide 19: Fintech: Q1/24 results
ItYVFyILIXVE : Q1/24 RANA ST b* © SRROUSEE - MARBMAC SHR CEM m RENT AY AOS, RAPS SM LSS CERT SAMRE RR 5c_LiN at +15.1% SE RAL 1,935 Non-GAAP Srl +47 4% aise URAL 393m *2023F9R IBEW, BRN (AVS YR) BRRUBERA Yb (AYITY) BRET YI—Ay PY -ERLTXY EDS IY FY ICIAYEABE, SARLN SH L, GARBOMMISESLBL TSA, R 19
Slide 20: Fintech: Q1/24 KPIs
ItyFyILeIAXVE : Q1/24=EBKPI SY’ en YavyevIRkmE +12.5% USF a] AALE 5.6% WY eS ‘ #s0e% +22.1% OSE Ia)RALE 1,091 RAGS RUBE +49.8% OSE Ia)RALE 29.4% * Bae RY me ReRT » SeOee +10.9% OSE Ia)RALE 1,5245 SRAM Sisaskn +15.4% OSE Ia)RALE 10.5% BAA EH 20
Slide 21: RAA—K : MRSA - Ragteal CAMB
RAA—K : MRSA - Ragteal CAMB B SRBSRUEMGORICE, Yay Cy TOBIN MSSM OEMS, V77 1 TRIES RRRAS < EL. ANA ERE YavevIRBs (kA) SARE Non-GAAP#<#lz® (B7F3) +22.7% +12.5% a) " 19.2% 16.6% 16.7% 15.4% avel@vez.—si23—~—t«éQWV2A av2ziav22.av/23.— @/24 av23 av24 21
Slide 22: RAGS : APSRERAMR. WRAL Cie mMem
RAGS : APSRERAMR. WRAL Cie mMem B BARRSIFRARELRUANISARBICE. OBRRURSIE 1— La eeen cA B RESROMRACTNCHS SEMEN SOMBIE. FARRMEME (2310) MOKBe LDS AMRs ea S088 (7) NISACIBESS" Pe SEH (GEA - BSE BI) peceeeee +22.1% -..-.... ae +32.6% .......-- --- *18.0% __. SER SERB ee QiV/23. Q2/23 Q3/23 Q4/23 Q1/24 QV/2
Slide 23: -4.1pts -3.2pts +0.3pts
137.9 48.3 38.0 % 14.1 % +14.5% +24.8% -4.1pts +0.3pts 15.2 +10.9% 2023 3 10.5 42.5 -3.2pts % 10.9 -0.2pts 2023 3 +15.4% 2023 3 *3 : 31.5% 23
Slide 24: RANI AYVh : MOO+HERRS TEM
RANI AYVh : MOO+HERRS TEM B 225 SRiTL CS EMBERVMASRAGLRD RD BM RANTAYVECUCOFMERRTL. SREMMNERRE RAS Ramee” RBRAAPTFUIIVO— FR? Non-GAAP#se#lz# (B7F)) RRMA ecco um QRI-KRAORSBES GHE+OP) +60.0% mrib me RE, 810 i RPay = 78.0% yg 24 PayPay 74.6% -1,324 Ri dihty 74.6% 4,895 2,690 4a au PAY 70.0% 3,158 Qv23
Slide 25: 39.3%45.0% 40.0% 35.0% 30.0% 25.0% 20.0% 3.2% 15.0% 40 10.0% 20 5.0% 0 0.0%
140 39.3%45.0% 40.0% 120 35.0% 100 30.0% 80 25.0% 60 20.0% 13.2% 15.0% 40 10.0% 20 5.0% 0 0.0% 2010 2023 25
Slide 26: RAT -EAZOAMBHGE
RAT -EAZOAMBHGE ORB? TU ORAM 2 BRN - BRKT Y hD—-K - BREdyPPVU SLRS @#AA-KPTU COPA (FHS) @EMHI4 YF y TV-EZLOBSSAE. WRVICSALMHAAN, A-¥-—TLICUI/UXENAIVA Ale ERMA CSR FryuN—-y 26
Slide 27: RAV-EAZZAVOCUT, BLIVI-EAZOMMZIE
RAV-EAZZAVOCUT, BLIVI-EAZOMMZIE H EASAMOSREMERT SRA EASAVLUC. MT - HS RRSORLTIVY-EAMMEET SOUT. D4 Fy TERBL L TOMES LE MT DAMES - (FAS 1-—¥—-QNSEICFIDNS H-EACTHRHNGRAS YT MR—b HSSOSRHeEBICDEY OM—b Rakuten Rakuten Rakuten “Ss RRER Ee] Ra kuten Rakuten Card / TURNS + A791 LNA, BSE R 27
Slide 28: J¢yvFy TSF (2024445 1A)
J¢yvFy TSF (2024445 1A) B RAI I—-TFCRAMATS, SMH -CARKRCT—IBROMECES IVT y FARO S SSSMAIMAITT. TAYTY TBR ORICA Sih = Hite T SLOMOU?S hits. HAIF2024F OA OMNES Bias B ABGSRHLEBAL. RAMIORAT RRL I 1 LBC Lens cceMmeElL THY, TIYFY TBRISRRIW—FOIAP CESBRETAY EO 1DCTHSCOWMBFIT CBB (S¥) REOT Fea ——_—, Oto y PET
Slide 29: Fintech
ENT ILETXYE
Slide 30: Fintech: Q1/24 results
ENTIVE TAYE : Q1/24 RANTS @ RATN1 AHORA IES IMC IZA hE R CNon-GAAPERIAAD BF IAAL Chee ATC OS © PRY YI A I(CHW TESOL KY AEM CSS A. KYSSTYOVRYAXVA (FUN Y—-2H) RUBMSIAZKIY hO-MWCEY Mist ens Fe Lat Non-GAAP EBITDA’ BRAK +3.6% |{ +307 }( +337ee ace RINALL AEM S OeNeeee AMOS OoVeeee 998 -7198 - 29764 *EBI
Slide 31: Rakuten Mobile
Rakuten Mobile
Slide 32: Rakuten Mobile Non-GAAP results
RAE ING IL) > FEEMGRUNon-GAAPE All it B 2HERBOPRICAST—EAMAIS (AERIAIL+28.3%) OTLMBORR SBS MH Non-GAAPERMRICSUTE. SHIACHEDS SAERERERERENGBAMSER FEEMe (+489) Non-GAAP 38 4llaé (+r) — +7.1% aiSe BLE Q1/22 Q1/23 Q1i/24 56 59 A ' ' ' ' (| +259m ~ av22 a3 av24 aaa BY-E2RE FN 2b NEO BHEBEW< SH BEEHEH *QV/2
Slide 33: Rakuten Mobile: EBITDA
FRENT IVH : EBITDA NS ACNE B SiS Ft 2024ENORAE N41 ILO OEBITDABARAILICMT CRBS RT HB RAEN NWSAOBHISRRENT LWBFORROAESST. RRLIYATLA4OMRORAIE Q1/22 Q1/23 wn I (+Hi8FD) E zZ HEGSRAMR HY 2 one IZ RSC e 9 BRENT IVA LAYAz LEBITDAIE mribAMOne RENT IVA BERBER < EBITDA" = ' MNORMBICES | | ZF Aes LEIFER? | “1:
Slide 34: Rakuten Mobile KPIs
BEEN IL *1: QV/24é URakuten TurboN—-EAZRLESG, BAMBI TEMRELE OA, TBusiness Continuity PlanFsRICARIEL TIS TS. *6: BRIEN-—2 R > SEKPI MNOY—E2%E" (GAR) +36.3% BSF Re ! Q1/22 Q2/22 Q3/22 Q4/22 Q1/23 Q2/23 Q3/23 Q4/23 Q1/24 m@/ MNOHE RE 6485 (BCPRR<". 2024553 A #lgma) Fa 242M NORE * (1/2408 Fa) 1.27% &/ M
Slide 35: 2024 Rakuten Mobile
2024, RKXENTIVEII—-AZlc Ir-2A3 BH. VID—isia. AD vy —iF UPN / 35
Slide 36: 2024 EBITDA outlook
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Slide 37: JI-2A3 ORBRHASHS MEO MAKE c RV
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Slide 38: Ries
Ries LAYATLO MAUIé4,10075%8 O-S 7x Ema s SicmMk£ *20239R Him. ADAN—#idt, SRBAICAUSNSHSOOMEBICHUT. SOMMLOMA CESS L UP ERIC U\-ht+-DRIUPESO) R
Slide 39: Opensignal
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Slide 40: Opensignal 5G results
SSRIS BU CHEF ODMERD 5S" G) OPENSIGNAL B BALSIIST-LERIONTS-LULTIYV ITY B 5G7» 7O— RRR SHRICHSL. 5G FVYVO—KAE— KARO CEA BM AYYATVRIAUT 1 MAMIE L, MRAM SAN gS 5 G 214. 2023 M2024 2023 M2024 Pdi iil ol eo eo o hls, Opensignal2023F45 MU 2024 4B RE C1 IL RY hI- *2: [-BLRRM) it. JOVO-K-AE-K, Py FO-K- ACK,
Slide 41: Opensignal
OPENSIGNAL [No Signal Availability] ###GO0—SYIRASRIS SIME 2023715202443 & CNIVHMRNT-—IKLYE (%) ‘4 Rakuten 0.57 pt 12 Mobile 0.8 0.6 o1 MNOB a ae namie ne 02 MNOA ie) 231A 243A *WSR: 2023-18 18-20243A318 (QOBRRMF—F) ICaRANLOpensignallFAO E/ (4 AES EICAA EAL. [No Signal Availability) =AXKL-I-ORy KI-TL
Slide 42: RRENT | RAAt BsmAONseRS
RRENT | RAAt BsmAONseRS [20242 RAEN IVRHBWROAA) Q.RRENT IVE CRHSNEAMICKNT, BEDRKENT IVOGR - HIM SHR S ICBIENGSD CthR< CTEES Boke Woke BLS BCS 8%) 8.39 &< PEC \o2%| 8.3% Bote Boke BCS BUS RHBOnseA RRENT IVOGEM AC EITETWSCRE BEKSeRR 77.8: PREC ote BCS “1: [aATRICRIUVE | SRE ISS | MEH: BRE RS, RANI IAT
Slide 43: 43
43
Slide 44: DEB) PT SERENA
DEB) PT SERENA 4G - SGHHEMROMMM SICA. HLGMRONZbSY IZT. WAY - MENS RAMS BET LYUPANLYD MO—S YARWICBS< Ay KI—THK ANDY Dik—-Ib FIFINY KORA (6 ARORA hie Biss ) Hi RS - BA TORMtRY KI-INDENUP TIRE 5SGOUKBE SHS c OFBBMICKES5G (Sub6) OLU FIX BE RIbBED t 5G SOMES 44
Slide 45: 5G (Sub6) coverage
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Slide 46: Platinum band
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Slide 47: Satellite direct connection
[—BOENSRAENT IDI W B EMRE CHRISTIN I: FO-KNY KBE CHROAY—hI74 VCORE Biss SOY = 7 b eietT }, 20264NORAENY—E Amie BEST PHEORRENT ILG-EAZLUP SpaceMobilelCKSLY FHT X—-Y (BRENT H-EZLUP 1) SpaceMobile LU? “BRLHO LUPAN-A R 47
Slide 48: Riikis
Riikis IAYATLO noes O) Be OS RENT IO \—3 (99.9% MAUIé4,100 7588 TAVYATFh1-¥— DS ORV MID *2023F9R fim. ADAN—#ls, BBRABICHUSNSM500MEBICHWT, SOMMLOMACRSURSLUP ERIC U\-ht+-DRIUPESO) R
Slide 49: MNO subscribers (B2C+B2B)
MNO GR (B2C+B2B) Mise © HERES CP BHSM ER © BERICHSY—77 4 VTEC FE UB2COR MET Bar ne SRC B2CRHO BHBZORFE Manik WEST 236A BENE RRBHTSY 231A fettiate HATS ietthate Q1/23 Q2/23 Q3/23 Q4/23 Q1v/24 *Rakuten TurboSts, BCPRUMVNE®ER< R 49
Slide 50: MNO subscribers (B2C)
MNO22#) 2% (B2C") MB? RLY EK BM 23912, T++YN-YORRNETAICMA. SHR CORBY —77 14 YOHRO RL, RALTIAYA FLI-Y—ZPPCB2CRHBSN—A2M ME Rakuten Card RRN-KISH ane~ Fp yN- YR = mote Rakuten JOISb= Card BRA-KISH FyyN-VR 2/21~ 12/N~ = rte di R SPU! 70756 MNOSQH8S EIT BCRP yT 7 23912 241A 242A 243A 24945 GRE) “Rakuten
Slide 51: Rakuten ecosystem synergies
RALIVYAT hLA—-V—-ZHMRC LR BBR EE BPRLAIVATFLA—-Y— Cb RCE SRE Rakuten Card < EE ae Bao (3) Rakuten 2-/\-SALE & Rakuten 2-/\-SALE © (PRR A pe cu: Rakuten #2287 FRE MNTORALDALER-TEBOBME seitesvee<re5 000! SRN] RE IVMOTOSLBAT | © gseset. 9000 eon Rakuten Travel UW mncumeyyn—> ate nee @35,000%! ARTCC Re
Slide 52: BRENT IVOLIVAT Law
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Slide 53: JIYFIVIEEDEEIC. HRVGI—V-—I-AANOWM = IE
JIYFIVIEEDEEIC. HRVGI—V-—I-AANOWM = IE MB 4A108MS [RiGRRFOTSL] PyFF—h. MLWRKODN ES CCMABEIC B 5A2BM512mE TES SITS KIACES [RMCCETOFIL) Shite Rakuten fg JSD (RRA) mfCeG70754" 1) BTS (RARITY) SMBRERTY ETS. KIOFILOSRN-YEVLY bh -RBENKAOBLRRACSM SEAR YhENSLES. [RAMS] Cid, ATOTIAOOBRHEMIC EY RANSENSM1 Y hE
Slide 54: ARPU (MNO)
ARPU (MNO”) M B2CEB2BENENOARPUSMOME TLAL THSH. QV/240RH RS DEMAA ICP Lec tts BVTF2ZB 3AA-RARPUIE2,0249 MNO ARPU — . 3,068— + MLDYAFLARPUPY FUT ES LAYAFhL 2) 2 ca ' ARPU (mq) BA7287 1044 | PYPUTK IaM s ' (B2c) ar-9 2,236 ' H MNO Q1/22 Q2/22 Q3/22 Q4/22 Q1/23 Q2/23 Q3/23 Q4/23 Q1v/24 Fee *1: Rakuten T
Slide 55: +219.2% +0.3% +19.6% +41.7%
+219.2% +0.3% +19.6% +41.7% 55
Slide 56: ARPU growth (B2B)
ARPUESICMItT (B2B) B RALIVYATLAEN— ht -OSBRFICMELEY Va—Yay Sit B 4AM SSS RITICRAT Sy cIPRiR? TF [Buddycom] SHAH CHETSEy KTS ORHS hte B N-—bhtF—-BROMBEGLICBAS SBHY VU a—Yayy—E ZORA. Win-WinGh COMRBRAZAS fll: RE KFNIVEOBBICLSYV—-EAZRA BABE (907%) t E Bea C5BS ABEGEN RRENTI Rakuten Travel Rakuten Mobil
Slide 57: Rakuten Symphony
Rakuten Symphony
Slide 58: Everything Open RAN
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Slide 59: 4G/5G RU vDU
4G/5G … … … RU vDU … vDU vDU … … vCU vCU … Core NW 59
Slide 60: Robin.io One Cloud
Robin.io One 20+ Cloud 2 Powered by… etc.. 60
Slide 61: Cost reduction
KU ZF)b20
Slide 62: Q1/22 Q1/23 Q1/24
- 20% - 43% 2,154 1,727 59 989 Q1/22 Q1/23 Q1/24 62
Slide 63: Cost reduction initiatives
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Slide 64: 3. Outlook
3. AAS
Slide 65: Group outlook
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Slide 66: 2024 and 2025 outlook
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Slide 67: Financial strategy
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Slide 69: 4. AI
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Slide 70: AI-nization vision
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Slide 71: Rakuten AI
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Slide 72: Rakuten Fashion AI
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Slide 73: AI E
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Slide 74: Japanese LLM performance comparison
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Slide 75: Rakuten
Rakuten
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