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Mercari (4385) investor relations material
Mercari Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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.
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