Mercari (4385) investor relations material

Executive summary

• Core operating profit reached JPY 27.5B, a record high and above forecast, with revenue at JPY 192.6B, also a record but below forecast due to slower marketplace and US growth.

• All core businesses—marketplace, fintech, and US—achieved profit growth; US segment turned profitable for the first time despite a revenue decline.

• Group synergies expanded cross-border GMV to JPY 90B and over 5M Mercard cards issued.

• New services launched, including Mercari Mobile, Mercari NFT, and Mircar Gold.

• Top-line growth rate slowed, prompting a focus on AI-native transformation and core product experience.

Financial highlights

• Core operating profit grew 46% year-on-year to JPY 27.5B, exceeding guidance.

• Revenue increased 2.8–3% year-on-year to JPY 192.6B, marking a record but below forecast.

• Marketplace GMV grew 4% year-on-year, below the 10% target.

• Fintech core operating profit reached JPY 4.5B, up 479% year-on-year, with a 99.3% collection rate.

• US business achieved first full-year profitability with JPY 0.9B core operating profit.

Outlook and guidance

• FY 2026 revenue forecast is JPY 200–210B, with 3.8–9% year-on-year growth expected.

• Core operating profit guidance for FY 2026 is JPY 28–32B, maintaining a 25% CAGR target.

• Marketplace GMV growth forecast for FY 2026 is 3–5%, with core operating profit targeted at JPY 32–36B.

• Fintech targets core operating profit of JPY 5–7.5B, focusing on Mercard holders and usage.

• FY 2026 is positioned as a foundational year for growth beyond FY 2027, with continued investment in AI and product initiatives.