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Edge20 Feb 2026
Dollar General: The Rural Retailer Playbook
How Dollar General built a small-box empire across rural America, scaling value and convenience into one of retail's most durable business models.
Net Protections
Net Protections (7383) investor relations material
Net Protections Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary13 Feb, 2026
Executive summary
GMV for the nine months ended December 31, 2025, reached JPY570.8bn, up 19.3% year-over-year, with B2B GMV up 41.3% and B2C up 6.1%.
Operating profit rose 42.7% year-over-year to JPY2.53bn, and profit attributable to owners increased 56.3% to JPY1.58bn.
Total operating revenue for the nine months ended December 31, 2025, rose 9.7% year-over-year to JPY18.96bn.
Gross profit for the period was JPY9.09bn, up 16.0% year-over-year, and EBITDA (non-GAAP) reached JPY3.86bn, up 28.8%.
Growth was driven by increased transaction volume from existing merchants, new merchant acquisitions, and expansion in digital markets.
Financial highlights
B2C atone GMV surged 56.8% year-over-year, B2B service GMV grew 41.3%, while B2C NP Atobarai and others saw a modest 0.7% increase.
Gross profit margin improved due to lower ratios of invoicing and bad debt expenses to GMV.
Operating profit margin and EBITDA margin both improved, supported by operational efficiency gains.
SG&A expenses rose 8.3% to JPY7.02bn, with the SG&A ratio to GMV improving to 1.16%.
Basic EPS was 15.95 yen, up from 10.41 yen in the prior year period.
Outlook and guidance
Full-year GMV forecast is JPY763bn, with 74.8% progress achieved by Q3.
Full-year FY2026 forecast: operating revenue of JPY25.4bn (+10.3% YoY), operating profit of JPY2.9bn (+37.9%), profit attributable to owners of JPY1.6bn (+18.5%), and basic EPS of JPY16.11.
GMV for the full year is projected at JPY763bn (+18.9%), with EBITDA expected to reach JPY4.69bn (+25.2%).
Medium-term plan targets GMV of JPY1,050–1,080bn and operating profit of JPY4bn by FY3/28, with a three-year operating profit CAGR of 25%.
B2C atone is expected to achieve a CAGR of 50–55%, and B2B NP Kakebarai a CAGR of 25–30% through FY3/28.
Take rate decline: future revenue impact?
NP Atobarai growth strategy?
Collection performance improvement sustainability?
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Next Net Protections earnings date
Q4 202615 May, 2026
Net Protections
Next Net Protections earnings date
Q4 202615 May, 2026
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Frequently asked questions
Net Protections Holdings Inc. is a Japan-based company specializing in buy now, pay later (BNPL) and payment processing services. The company provides post-payment settlement solutions for e-commerce, business-to-business (B2B) transactions, and subscription services, enabling consumers and businesses to make purchases without immediate payment. Net Protections Holdings serves a wide range of industries, including retail, digital services, and financial technology, offering secure and efficient payment infrastructure. Net Protections Holdings Inc. is headquartered in Tokyo, Japan, and its shares are listed on the Tokyo Stock Exchange (TSE).
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