Rakuten Group, Inc. · TSE:4755
Rakuten — FY2023 Earnings Presentation
73 slides from Rakuten's earnings presentation, February 2024
Slide 1: 2023 Full-Year CEO Group Strategy Presentation
2023 BRU 4+ RS CEO )L— TE 202452A148 KT IL— TRASH
Slide 2: TUG S + EIR CRA ONES
TUG S + EIR CRA ONES CRIED SEICODEVSR EL\G 5 ERP PULLITE
Slide 3: Key points
KEYI2 El 202348 +7 — 2 ES eae) et El] mans A NE
Slide 4: 1. 2023 Results
1. 2023E #7 U—
Slide 5: FY2022 FY2023 Q1 results
◼ ◼ FY2022 FY2023 75.5 562 580 497 518 476 471 435 453 33.6 35.6 0.9 3.5 -16.7 -14.9 -39.3 Q1/22 Q2/22 Q3/22 Q4/22 Q1/23 Q2/23 Q3/23 Q4/23 Q1 Q2 Q3 Q4 5
Slide 6: Non-GAAP IFRS Non-GAAP EBITDA
Non-GAAP IFRS Non-GAAP EBITDA 6
Slide 7: SAAEETS LUNES IS QIK EER 2.07 x5
SAAEETS LUNES IS QIK EER 2.07 x5 + 7.8 % micERIAALE SERMT LG RR YyI4s=— 2 7 HB REIN wa ei 2g Ra (R: 73-4 Liss) heme BBE s24ypiNE +Kobo JU-JBXR | RRES) . +Viber ete E97 RECER al RBRLIVATA Rau Been SRA SRT RRA Y SRELIAI | RAT IIZ Pa asomesl me “oe 2021 2023 R
Slide 8: 14.9 75.5 35.6 33.6 -20.1 -15.4 -45.6 -42.3 0.9 3.5 -62.2 -56.0 -75.8 -14.9
14.9 75.5 35.6 33.6 -20.1 -15.4 -45.6 -42.3 0.9 3.5 -62.2 -56.0 -75.8 -14.9 -16.7 Q2/22 Q3/22 Q4/22 Q1/23 Q2/23 Q3/23 Q4/23 8
Slide 9: Non-GAAP
◼ ( ) Q4/22 Q4/23 +36.6 +0.4 + + Non-GAAP • 2024 9
Slide 10: Non-GAAP EBITDA
20247 RSM Olt TSB R eT SHED LEBCCESACHSISAMEMS SHE eAA iS : BRENT IVD Non-GAAP Ale Se SNE: FiRNon-GAAP EBITDA BRO FILE FARTIE *4YI-RY RYE ALTI XY HECF + 74 YF Y ILI XY RDS OCE- (EMT LET XY KOBAC + MRAM — VLA B(= MBIT SUAS LUIFRSBIGSICBS< Fp YAP TN) R 10
Slide 11: TIW—-FLAIVCOMBEBE
TIW—-FLAIVCOMBEBE m FELL LEE — KOK, RET JOMRILEALL = EMAILS, HAANL—Y 3 OMBMLET TRS. 75-1 PY hMBOMMNALICESS ® KUFL20 # Rakuten Al z—754770R 2O%IE AnLv—F¢v7ug 20% 38 g547vbmme 20%38 EDR Y-TF 4 YTMB= W/V —TF 1 YTIZA, (2)4NL—-F 4 YTMR= Non-GAAP SRAMW/ERAR. (3) 751 PY bOMR=T-EABHRMW/ ISTP Yb R 1
Slide 12: ACES PRES: PRAISES OMS
ACES PRES: PRAISES OMS 2024FOU DP AFYAVUATISHE (20242A) K FZ) — PRORTRU2024F GA KIEL — 7 OREM GC KSCHAAIT @ 2O024EWET IL-FLAWTO CWIDPYF 1 YT PRB. 25S —+ > y YA 7O-iBX 2 12
Slide 13: CIXYVENLITE
CIXYVENLITE
Slide 14: CAGR
6.0 +6.9% 3 CAGR*1 +10.0% 3 CAGR*1 +8.1% vs 2019 +42.5%*3 *2 +3.1% *4 - 9.5% 2000 2023 2011 2023 2012 2023 3 CAGR*1 +16.9% 3 CAGR*1 +22.6% 3 CAGR*1 +27.4% *5 +2.0% *6 +13.4% *7 +3.1% 2016 2023 2005 2023 2005 2023 14
Slide 15: Internet services: FY2023 results
1YI-—4AYRKV—-ERZLTIAYVE: FY2023 RANT ST hk IPRS, PBA SRL. EIMECOR LIRSIS RELL +10.8%O1IR = EMT YI-ZAYbhY—-EZ (VII UF 1 RBBRER<) ONon-GAAPH RASH CLAICHS VHIUT 1 HABS, QV/235 RHE BRENT ILYSOSPUIZLBEORBERK< &. R #+23.6% Rise 15
Slide 16: FY2020 FY2021 FY2022
206,536 182,973 157,915 129,440 FY2020 FY2021 FY2022 FY2023 16
Slide 17: EIAEC: Ais FSA RR & ise
EIAEC: Ais FSA RR & ise = BAECHERElS BROS SIRITITS UBURREML CURE © BAMECHRMMRIS IZ bAM - WRILOMY alc kU AMEE Q4/232 RRR OP E* poonmenonnsn en senscnncnnscnss 99+ 4.0% wiser, 3 2BiKT +12.8% scene), DSTEMB REET SPUO/SIL—IL SPUaxh 1Y 7YRE atx b ze BE AYIIY (2312A~) — (Q1V/23~ Be O/SAZ bHt RAN EDS RATA
Slide 18: FH GRA MORRIS T
FH GRA MORRIS T = AISOMLUTI/OD—B75 9 hI 4-V—-LULCORAMARU MSO RICMVUANS CEC. EHBERIER VI-FEUT 4 Sb. FRHICMRORS TS y hI 4 -LAOKRRE BEST B Y565Y27 LED. ABRRORE (MSS) HTS LH. RAPTBZORRWEAS ARE 1997~ Y-TFJYhFLIAZ 2006e~ LIVAFT hy CO 202 AIL YINI—XY KAYNO— ? RAMOS SSSMRe 2030 F TOHBMECHBRE1IOSAN
Slide 19: Viber, Viki, Kobo, Rakuten TV
BABRISIUISTSIBEZRIKEOO, Eis CRiAY we Viber, VIKI, Kobo, Rakuten TVOSSNon-GAAPEH Al zs Rakuten Viber eaten nS §1CViberlcTIIS1 HHABO PHOS Fite BezStFar Rt = 3s x Rakuten VIKI | 5 Rakuten kobo Va Rakuten Ty SH Mh a MH HM PM MW 9”
Slide 20: Internet services: FY2023 results
ItyFyIeIXVE : FY2023 Ria 57 b* mB RRA-KCRANT AYE SBM. BOOV-EAMRIMRRICSS = Non-GAAPERARICSU TIS, RAMBSRURAMTN its S| *2023F9RIGEW. RENT (AVIAYRA) BRRURARI Yb (AYSTY) BRET YI-AYbP-EALTXY EMS IA YF YILIXYEABE, BARRY SHH L, BERAOMRIGESRBLTIEHA. R 20
Slide 21: Internet services: 2023 KPIs
Da yvFvIeTHXyYk : 2023E5KPl — ES RRA-K FETA +7 1% BOSEARAT LE 3,0075% = ey KA—E YavyevIRkmE +16.4% Cie sad 21.1368 RAGS RUBE +37.7% BUSEARAALE 25.0% * BARE 21
Slide 22: RAA—K: [RYUAIL3] CEDSBEOV & DHHTMA3ZFAMS Ri
RAA—K: [RYUAIL3] CEDSBEOV & DHHTMA3ZFAMS Ri m Slt) ay CY RRO RU MRS Y x P30%IEEICIEN a= 5181 os #518 2 15183 h— THES, OOOH Yay C7 RUREZOKF BURY 1 730%" Exe 3,007 5x GE 21.1% 23.2% y 2oreen SF 2MB RT DSOPREIS Gs 2016115 F¥TYVA-K FT rite QF 2013108 is RRA-EVY 200587 Gy) REN 201212A “ 5.8% 2005 ry 2020
Slide 23: ◼ 0.2 17.7% 0.2 +63.6% 0.2 0.1 11.6% 0.1 10.4% 10.7% +13.1% +13.3% 0.1
◼ 0.2 17.7% 0.2 +63.6% 0.2 0.1 11.6% 0.1 10.4% 10.7% +13.1% +13.3% 0.1 0.1 15.1 0.1 8.1 9.2 0.0 7.2 0.0 0.0 Q4/20 Q4/21 Q4/22 Q4/23 Q4/20 Q4/21 Q4/22 Q4/23 23
Slide 24: Fintech segment results
*1 ROE*2 2024 3 Q3 2024 3 Q3 2024 3 Q3 2024 3 Q3 101.0 35.2 38.8 % 13.9 % +13.3% +23.4% *4 *5 2023 12 2023 12 2024 3 Q3 2023 12 14.7 +10.2% 2022 12 10.3 42.9 -2.7pts % 11.1 +16.6% 2022 12 *3 : 31.4% 24
Slide 25: Q4/23 vs. Q4/22
◼ * * + 8.7% + 3.7% Q4/23 vs. Q4/22 Q4/23 vs. Q4/22 -2,070 +1,840 +1,245 +272 +2,431 -2,391 +235 -289 +1,840 -568 RS RS 25
Slide 26: NISA
NISA ◼ 24 1 NISA * (Q4/23) +1200.0% +5.4% +27.4% +18000.0% +4.8% +16000.0% +3.5% +1000.0% +3.4% 10.20 9.68 154.8 +14000.0% 9.24 +11.8% 8.64 8.93 +800.0% +6.2% +12000.0% +2.0% 121.6 +600.0% 100.3 102.4 108.8 +10000.0% 34.6% +8000.0% +4.7pt +400.0% +6000.0% +4000.0% +200.0% +2000.0% +0.0% +0.0% Q4/22
Slide 27: Mobile segment: FY2023 results
ENTIVETXYE : FY2023 RBI ST b* © PRENTILEPOCHEME + MBHICABICNS © BRYYI4—-—-CRALIY—-(CSWCS,. BBS IAZbIY LOI ERBLECe CHB Non-GAAP Non-GAAP Bla EBITDA 1,417.0 | (+1,599e0 mise LENS EA RISES - 3,375 - 1,791 85 *2023 FR 1 DMA, CNETEIN TIT XY MICBENTUE—-BOXF 4 PRULYI-F4 YAY BRET YI-AY bY -EALTXYHICBEL, BRE
Slide 28: Q1/22 Q2/22 Q3/22 Q4/22 Q1/23 Q2/23 Q3/23 Q4/23 Q1/22 Q2/22 Q3/22 Q4/22 Q1/23 Q2/23
◼ ◼ Q1/22 Q2/22 Q3/22 Q4/22 Q1/23 Q2/23 Q3/23 Q4/23 Q1/22 Q2/22 Q3/22 Q4/22 Q1/23 Q2/23 Q3/23 Q4/23 Q1/22 Q2/22 Q3/22 Q4/22 Q1/23 Q2/23 Q3/23 Q4/23 28
Slide 29: 35,000 40.0% 35.0% 30,000 30.0% 25,000 25.0% 20,000 20.0% ,000 15.0% 10,000 10.0% 5,000
35,000 40.0% 35.0% 30,000 30.0% 25,000 25.0% 20,000 20.0% 15,000 15.0% 10,000 10.0% 5,000 5.0% 0 0.0% Q1/22 Q2/22 Q3/22 Q4/22 Q1/23 Q2/23 Q3/23 Q4/23 ( 2,769 ) 29
Slide 30: Rakuten Symphony and Open RAN
RRY YI 4 ——: RRMBRE VY M— b LERMNWMOOpen RANA Y hU—T PRS se = ERNZOREMESG Open RANEIN1 IDA KI-IFOUSLIFICEY, HAOSRASEBEITSCUSS y yYavic MITEKEEYTVAb-—Y em m RAS8OMOIO—-NVNYI—CHIETS. LY RY—-LYKOFI/OY—-RUAY hI—-DRBN— RIAN 202312A8H. 1810 BRENT: Ry b9-7 - H-EZDR Rakuten Symphony 181 BAUT DAS MODERNSTE 5
Slide 31: 2. Mobile business
2. RAEN DERE
Slide 32: Jxr—-AZADBiT
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Slide 33: EBITDA targets
20245-AMNon-GAAP EBITDASA AFIT TC SHER SAT @ EBITDAIZKe ER SMNOU—-EAZRLOREE BES MNOY—-EZ55E © ® 2 AR ZH OPA BR ARPU"B# EBITDAITZ kK? 800-1,000z) % (2,500-3,000: > 230-2506 eae eam 1,986m 230 A (234712) Eo thssL (MVNOY—ERZ, FINI A, RRVUNVS) KINA O RBIS ARE GE LINAS = BIZ b) “IBCPIZAR<, BCP& It. B2BIC
Slide 34: > Hm
> Hm 34
Slide 35: (MNO B2C + B2B)
(MNO B2C + B2B) BCP* (MNO B2C + B2B) BCP* 596万 35
Slide 36: (ite + +r UP ZS CREBECER
(ite + +r UP ZS CREBECER [20232F11F C23EK EIN ID HSPAAAtt = FAL TC SEs) f gO Mie) CHW TEU Bigt v U 7k? 1a Rakuten Mobile 37.5%) 2u Y!Imobile (15.9%) 3a UQ mobile 9.9% RREN TILE (its CNo.1 (N:2,271) \ Bat vy UP ZAHET mEBEGERS ?
Slide 37: No Signal Availability
◼ ◼ No Signal Availability (2023 1 2023 12 90 ) 1.4 1.2 1.0 0.8 0.6 0.4 0.2 0.0 37
Slide 38: a(S mS lt CSMBLED @ soe ns
a(S mS lt CSMBLED @ soe ns mw [bt FYY—] (=TCPFOKAIVETULEHTTPS HEADY IIA KICMMSH) HEAT < BL. fh + UP ZEBSLANILIE (0) 4G TCP Latency PRis 52 (MNOLAR DOOR RSENIT— FJ bLY K) _ MNOA 50 —_ 7.0 ms Rakuten = 48 ~~ - Mobile “ MNOC 40 233A 23%12A (HBR: 2023F3A31B-202312A318 (QOBRMMEHF—F) (CRE HOpensignalfe MO
Slide 39: ◼ 8.00% 0.00% 5.00% 6.00% 9.00% 1.00% 2.00% 3.00% 4.00% 7.00% 22 5 22
◼ 8.00% 0.00% 5.00% 6.00% 9.00% 1.00% 2.00% 3.00% 4.00% 7.00% 22 5 22 6 22 7 22 8 22 9 22 10 22 11 22 12 23 1 23 2 23 3 23 4 23 5 23 6 23 7 23 8 23 9 23 10 23 11 23 12 24 1 22 9 22 10 22 11 22 12 23 1 23 2 23 3 23 4 23 5 *3 23 6 23 7 23 8 23 9 23 10 23 11 23 12 2424 11 39
Slide 40: wo-—sy
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Slide 41: RARE S.
RARE S. Mina Ks ay meEIc 5G BA: itr HEE WAKE meee FIFINY FORA ANLYPHK-WAS S3ROR SEC LERANE = DERSIUP.ESEC. FP SRLORGHT ORE. Rakuten 7 DY FOLIIb sag | ith! 20245 (it [XS SICDENSRRENT IDI A HERHICB SS me LU 7 HORERS REO x Anan «10.00%! wfaxomcRank!...84! HRY —HoKeSH Yay Tee 5 (CHM (Smee t cICRWS 9 h—
Slide 42: ◼ 2023 B2B ◼ B2C - 3 5 23 6 23 7 23 8
◼ 2023 B2B ◼ B2C 500 400 300 200 100 - 23 1 23 2 23 3 23 4 23 5 23 6 23 7 23 8 23 9 23 10 23 11 23 12 42
Slide 43: ZHBSMRCMIIT® BALIVAFLAI—-V—-ORBS aE
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Slide 44: Q4/23 Q4/23 EBITDA
*3 *4 Q4/23 *1 MNO MNO 1 MNO Q4/23 EBITDA *2 MNO 44
Slide 45: QVM MITS IVIrPay—-TF VIOME
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Slide 46: RHASMACAITS migRRTOTS Lee
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Slide 47: QVM Alt T® | C7 —I3GBHUAR. YIDSY KSOMNO# + U Pee Ic
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Slide 48: RHBSMACAIT® @TFryvN-Yesepe te slcHeye
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Slide 49: RHBSIECAItT® B2BM ssc
RHBSIECAItT® B2BM ssc BRR. EICLIYAFLN—-bkF—-RObh y FE-WACKSRHBARYW = fSmBO Lic. SRIb—h SAL CH Mz QO Ate eS eR Bae OLUP/ IOAN ESS EH MEAN Dy Dei SO MFIN—KI—OLYF—LXY hiES) © KHE/ J C5—Zil CECB CER 49
Slide 50: ARPU
@® aArRPuU (HR 50
Slide 51: Q1/22 Q2/22 Q3/22 Q4/22 Q1/23 Q2/23 Q3/23 Q4/23
◼ 1,958 2,013 2,046 1,986 1,814 1,456 1,274 837 Q1/22 Q2/22 Q3/22 Q4/22 Q1/23 Q2/23 Q3/23 Q4/23 51
Slide 52: ARPUS#ft > B2ACRUB2B ARPUIF HAM Ic4S CHICO Shs
ARPUS#ft > B2ACRUB2B ARPUIF HAM Ic4S CHICO Shs FaaRARPU vs. 225m ARPU* I RARPU i #238 ARPU [s2caRPuait Mi B2BARPURIE ®) EAb2c/B2BRNERBRSCESRB/EOH |) ® ® oa 2,046 62 1,960 100 Beg Q4/2zICKE < BABA MLACER ESE Q1/23 Q2/23 Q3/23 Q4/23 B2BY—E2 Ra HAR AICBI<. R @ 2) B2CKRUB2BOARPUIé. Sao F Ratt Coe B2BOH
Slide 53: EBITDA
© EBITDAAZk 53
Slide 54: 202312RICI2 ke (LBZ
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Slide 55: RAEN T IVMICSFSRRRABORMD
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Slide 56: NTT
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Slide 57: 3. Financial strategy
3. 財務戦略 57
Slide 58: 202AEDUDP AF YVAUATISHA
202AEDUDP AF YVAUATISHA (202482) K EVEL — PORIRU20 245 MK KIL — FW (ORB Glc KO BHAT > =. MRBAKIVBVOPVRICMIS RBRO MBN 100s KIL S2m BACRARESs TH 58
Slide 59: RYOIASY bh AV h: HHH SMBH
RYOIASY bh AV h: HHH SMBH PAN SiS t OMS = Bias [>a OMe yg PARES ES IPHROMMNSHMR 1 20245Fi#ANon-GAAP BSAROR-AL LL] 2024 IC EN\1 ILOAR EBITDAMT(b. 2025S (i884 EBITDART{E Sete bale SPURTE O mime O AER L RBS SmRIt AATF ARORM REEDS Ri 27 DY a—ILO) dykoOo—)b Ci (SRT ose - EEGBCAAILS 10% - FERS RAT A/S BRE
Slide 60: 2023F ORAERIERU SRO RIA
2023F ORAERIERU SRO RIA 202345 Q2/2023 2023412A ERT LIS BRTEH PRLS MOSM 7188" 2208 8708 Rakuten Rakuten VRS = — — KEESHDO FS RRR RRR VY REF CIWOVRITG-Y ay Y Shatous v tot is (aaa ad 202358 2023128 20249545 (F#) QSAR RES RAMIVALOEMAM BRHAMORTD 2,950 6068 22h Rakuten Rakuten Rakuten SRST what *2023F4
Slide 61: FY2024 FCF
FY2024 * CF + 1. FCF EBITDA 2024 2. FCF EBITDA 3. CF (FY2023: 657 ) CF Uses Sources Uses Sources Uses Sources Uses Sources + FY2022 FY2023 FY2024 ( ) FY2025 ( ) ( 61
Slide 62: 2025ICMA EMA SHAICHML TS
2025ICMA EMA SHAICHML TS REEDHIC EHO IY KO—IDSREh
Slide 63: Sater LTOVF—IWAICDUT
Sater LTOVF—IWAICDUT = 2024FRRU2025F 81s Ait is S ORES ERY Bia = YF—IMRO—BISHEHHICUIPTIF YA © BAOUT—IVATRISEADHU, BHtORAMRSRUCENS., VIP TFYAMSORECHS CHEE BABA shi OmAre BAOBHUT—IUA STATICS 17S (as 1.3% (CIF SHER KBE SHS) zoe “CBkT) nn Cy’) 3.2% ete SHU T—IVA = Ries Ios oem 2022 : EZIORBRL (FTE, SOOR
Slide 64: 20247 Reis Flit SAMBO FiAd
20247 Reis Flit SAMBO FiAd B 2024FRIS3IOLIXY KET CHRAHOABENES AAG © RVGASHERICMSLEB RAR FOI hEICMLT. 2024 EONOon-GAAPERUNRREY AIC LB SCRA 202458 ita Non-GAAP Beles aise ERAS ORF sen RAMTS KVRATHOD MRE (ae SSRs aA Hi D1 YF YIDSOCK (BR A-EDSORHE. DI1YTVYTI SUP SOSBFMA) Ik. CN52 DNF SHO-BRTHMOPSe Rt TE
Slide 65: 2023 Rh Ear / AGE
2023 Rh Ear / AGE ae7aSt HEBGHE mista [ERENT IL] OSB+F-IJ , ia (306B/A)) J RABBIT AOR . 12 ARR my BAIZbLOR “— REMEORML + 2022S 4.5F1/t% eS - 2023%FEE 0.0F1/# Rakuten Mobile 2TOMERICBRENTILVOV—-ERZ (COU THICAIE HS < . FERRERO CWE < BAe EBSA: 56.6% (HITE) 65
Slide 66: 4. AI strategy
4. ALBERS 66
Slide 67: BRICHSIFSAI-nizationnD7>yY
BRICHSIFSAI-nizationnD7>yY Vision HARD toys G Openal BRAD A LEO AYFFAr IJIN Rakuten Rakuten A=-7% F-IPYb me BRETOKI1 THe F4-JI-LY TBR O-Kkyvv7 AIDNCAMMEBAZ AHS oD AVITYV+AISTY Fra i #4 f4ltRakuten Al Ox kW LEE, FYRUETFILE @ > REDEDD [W5194-)b] =H $248 ltRakuten Al 67
Slide 68: Rakuten Fashion
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