Mercari (4385) investor relations material

Executive summary

• Record revenue and core operating profit achieved, with consolidated revenue up 22% year-over-year in Q3 and 16.1% for the nine months ended March 31, 2026; core operating profit up 66% year-over-year in Q3 and 69.7% for the nine months.

• Marketplace and U.S. segments posted double-digit GMV growth, with Marketplace GMV up 16% year-over-year in Q3 and 11% for the nine months, and U.S. GMV up 18% year-over-year in Q3 and 10% for the nine months.

• Fintech credit balance increased 45% year-over-year to ¥328.1 billion, with revenue up 30% year-over-year in Q3 and high collection rates above 99%.

• AI-driven organizational transformation led to 100% employee adoption of AI tools and a 1.9x increase in development output per engineer year-over-year.

• Both revenue and core operating profit exceeded forecasts, prompting upward revisions of full-year guidance.

Financial highlights

• Q3 revenue was ¥61.0 billion (+22% YoY), core operating profit ¥14.6 billion (+66% YoY); nine-month revenue was ¥167,291 million (+16.1% YoY), operating profit ¥34,518 million (+69.7% YoY).

• Marketplace GMV reached ¥339.9 billion in Q3 (+16% YoY) and ¥939.4 billion for nine months (+11% YoY); U.S. GMV was $211 million in Q3 (+18% YoY) and $602 million for nine months (+10% YoY).

• Fintech credit balance was ¥328.1 billion (+45% YoY), with core operating profit at ¥2.7 billion in Q3 and ¥7.3 billion for nine months.

• Basic earnings per share increased to ¥117.93 from ¥71.49 year-over-year.

• Total assets as of March 31, 2026, were ¥673,763 million, with cash and cash equivalents at ¥155,229 million.

Outlook and guidance

• Full-year revenue forecast revised upward to at least ¥220,000 million (+14.2% YoY), with core operating profit forecast at least ¥40,000 million (+45.1% YoY).

• Marketplace GMV growth guidance raised to +5–10% YoY; core operating profit guidance to ¥35.0–39.0 billion.

• Q4 core operating profit expected to decrease quarter-on-quarter due to increased investments.

• No dividends are planned for the fiscal year.