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Rakuten Group (4755) investor relations material
Rakuten Group Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Consolidated revenue rose 11% year-over-year to ¥596.4B for Q2 FY2025, with all major segments contributing to growth and the first Q2 profit since FY2019 driven by operational efficiencies.
EBITDA for Q2 FY2025 surpassed ¥100B, the highest ever for a second quarter, reflecting strong segment contributions.
Non-GAAP operating income turned positive at ¥20.1B, a significant improvement from previous losses.
Net loss widened to ¥40.1B for Q2, mainly due to nonrecurring tax and compensation expenses.
AI initiatives advanced with the full launch of Rakuten AI, integrating agentic AI across services.
Financial highlights
Internet services revenue grew 6.8% year-over-year to ¥324.5B; fintech up 14.8% to ¥232.7B; mobile up 18.1% to ¥112.1B.
Consolidated non-GAAP operating income reached ¥20.1B, a turnaround from previous losses.
IFRS operating income turned positive at ¥8.8B, up ¥27.2B year-over-year.
EBITDA for the mobile segment turned positive, improving by ¥21.6B year-over-year to ¥9.6B.
Quarterly net loss was ¥40.1B, impacted by nonrecurring tax and compensation expenses.
Outlook and guidance
On track for full-year EBITDA profitability in 2025, with accelerated subscriber growth targeted in the second half.
Aims to accelerate mobile subscriber growth to surpass 10 million as soon as possible.
Medium-term target to reduce net interest-bearing debt to non-GAAP EBITDA (non-fintech) within 5x by 2027; revised FY2025 target to 8.5x.
Continued focus on cost reduction, efficiency, and core business profit growth.
Double-digit consolidated revenue growth targeted for FY2025, excluding the securities business.
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